Full text of "International Herald Tribune , 1991, France, English"

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The Global Newspaper 

Edited and Published 
• in Paris 
Printed shmilianeoaslv in Paris. 
London. Zurich, Hone Kong. 
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LONDON, TUESDAY, JULY 16, 1991 


ESTABLISHED 1887 


Banks Join to Form 


2d Biggest in U.S. 


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Manufacturers Hanover 
Swaps Stock With Chemical 


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By Lawrence Malkin 

fmenumaaai Herald Tribune 

NEW YORK — Two ailing New 
York money-center banks agrerd 
Monday to merge into what will 
become the second-largest U.S. 
bank, accelerating the consqlHa- 
tion in America’s overcrowded and 
overioaned banking industry. 

The merger in a 52 biUkm stock 
swap between Chemical Banking 
Corp. and Manufacturers Hanover 


Coro., respectively the nation’s 
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axth- and ninth-laigest will create 
a banking giant with 5 1 35 billion in 
assets, ranking only behind trou- 
bled Citicorp, 'The deal has long 
been rumored as a natural fit be- 
cause their compleme n tar y lines of 
business and overlap in New York 
Gty should enable them to unite 
quickly and cut overheads. 

The merger is the first among the 
top money-center banks in the. 
United States and follows the trend 
established by regional giants such 
astbeNCNB Com. of North Caro- 
lina and C&S/Sovran Financial 
Corp. of Atlanta and Washington. 
D.C. Both those banks grew quick- 
ly by merges and are now in talks 
to form a giant that would rank just 
behind the new Chemical -Manu- 
facturers entity! 

“This mil ldck off an era of con- 
solidations,” said James McDer- 
mott of. the brokerage Keefe 
Bruyette & Woods. “It will make 
other people sir up and hop io help 
reverse the decline of American 
banking.” : 

The deal will consisCcf a swap of 
1. 14 Chemical shares fereach share 
in Manufacturers Hanover. Both 
stocks jumped on the news, with 
Manny Hanny gaining SG .1214 to 
S29.3TC and Chemical rising S2.75 
to 52&50 oatheNew York Stock 
Exchange. 

Mos t ofter bonk stocks also were - 
bid up bn the hope of a merger 
wave. Moody's Investor Service 
and Standard & Poor's Corp. said 
mutual reinforcement provided by 


the merger prompted them to con- 
sider upgrading some of the $9 bil- 
lion in both banks' outstanding 
bonds, which now hover near the 
lowest investment grade. 

Although the two banks them- 
selves described it as “a marriage of 
equals," Chemical is likely to be 
dominant. The new bank will take 
Chemical’s name. Although Manu- 
facturer’s Hanover's John F. 
McGill icuddy, 60. initiated the 
merger talks two months ago and 
will become chairman and chief ex- 
ecutive, he has agreed to retire in 
1994 in favor of UtemkaTs Walter 
Shipley, 55, who will serve as chief 
Operating officer until then. 

The deal was a marriage of ne- 
cessity and convenience. The books 
of most major New York banks are 
carrying millions in dud loans to 
bankrupt Third World countries 
and on half-empty office buildings. 
They need to raise more capital and 
grow to compete worldwide. 

The merger is subject to approv- 
al by shareholders of both compa- 
nies as well as federal and state 
regulators, but little opposition is 
expected. Federal regulators have 
been actively promoting such 
mergers to avoid having to take 
over banks, in addition to the failed 
savings and loan industry. Mr. 
McGUlicuddy said the two bank 
chairmen bad consulted with Ed- 
ward Corrigan, president of the 
Federal Reserve Bank of New 
York, who has publicly urged New 
York banks to merge. 

In Washington, Representative 
Charles Scfcttmer, a New York 
Democrat and banking specialist. 
h»iWl the deal as essential to creat- 
ing “a large, efficient institution that 
can compete with the likes of Deut- 
sche Bank and Sormtomo Bank.” 


But analysts said it would be a 
long time before these and most 
other American banks could climb 
back into that league, and this was 
implicitly confirmed by the two 


See BANKS, Page 10 



The last of the allies shielding the Kurdish refugees from Saddam Hussein’s forces left northern Iraq on Monday. Page 2. 


Bufaui CtdMbo/Ttc Associated hen 


Iraqi Technique Shatters Nuclear Safeguards 


By William J. Broad 

Atm 1 York Times Service 

NEW YORK — Scientists and weap- 
ons experts, surprised that Iraq secretly 
used a method abandoned by the West 
half a century ago to enrich uranium, 
say Iraq's feat is a blow to international 
efforts to stem the spread of nuclear 
arms. 

In a single stroke, it has overturned 
decades of assumptions about which 
procedures and materials need to be 
safeguarded. Up to now, the control 
effort has focused on keeping certain 
techniques secret and limiting export 
licenses for high-technology equipment 
that can be used in making bombs. 

But Iraq has shown that a low-tech 


method openly described in scientific 
literature can be readily used to circum- 
vent the restrictions, malung the Iraqi 
weapons effort far more ingenious ana 
dangerous than believed. 

Tne clandestine Iraqi method is rc- 


an atom bomb, weapons experts say. 
They stress that it is unlikely dial Iraq 
has already done so, though' some sug- 
gest it might be able to build one on 
short notice. 


electromagnetism in machines known as 
calu irons. 


G-7 nations to back sanctions until Iraq 
implements all UN resolutions. Page 2. 


ported by a defector to have produced 
about 90 pounds (40 kilograms) of high- 
ly enriched uranium, enough for two 
bombs. Experts say the 30 enrichment 
machines that Iraq has admitted to us- 
ing could make enough fuel for one 
warhead a year. 

Iraq probably has the skill to perfect 


Before the Gulf war. man y intelli- 
gence analysts said Iraq's engineers 
might stan limited production of nucle- 
ar warheads in five to 10 years, but not 
much sooner. The estimates were based 
on how rapidly the Iraqis might build 
high-technology devices for uranium 
enrichment. 

Concern soared in May when the 
Iraqi defector reportedly told U.S. offi- 
cials that Iraq used the antiquated, iow- 
tech method to produce 90 pounds of 
enriched uranium. The technique uses 


Under international pressure, Iraq 
told the United Nations last week that it 
had indeed used the old method, saying 
it produced a pound of enriched urani- 


um. 


Experts believe that much more was 
produced, and in response to continued 
pressure and skepticism from abroad 
that it was not being completely forth- 
coming, Baghdad on Sunday submitted 
to the United Nations a new document 
cm its nuclear operations. 

The fact that the Iraqis quietly used 
the forsaken method at aD to produce 

See ENRICH, Page 2 


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Arens Says Israelis 
Will Stay in Lebanon 


JERUSALEM (Reuters) — Defense Min- 
ister Mosbe Arens of Israel said on Monday 
that the disaixmng of Palestinian guerriHas in 
Lebanon would not cause Israel to withdraw 
its troops, as long as Syrian forces remained. 

“If it were only a matter of weakening the 
PLO and disarming it, one would see it as an 
improvement,” Mr. Arens said when asked 
about the drive by the Syrian-backed Leba- 
nese government to extend its authority 
throughout the coontiy. 

“ButanceeverylJiaiglJmthasbcendraiein 
south Lebanon ra beat done under the aus- 
pices of the Syrians and undo- their instruc- 
tions,” he stud, “they mil make every effort 
.not to -stabilize the situation there.” 

Israel had earlier linked any withdrawal 
from southern Lebanon to the pullout of 
Syria's estimated 40,000 troops from the 
country. Israel has occupied a 15-kflomeler- 
widef9-im2c-wide) strip of Lebanese territory 
as a “security zone" since 1985. 


Rao Wins Vote in India 


NEW DELHI (Reuters) — The minority 
.government of Prime Minister P.V. Nara- 
rfmha Rao woo a vote of confidence in Par- 
liament on Monday after pushing through 
measures to ease the country’s economic cri- 
sis. Mr. Rao’s Congress (I) Party won 241 
votes,, with 111 against and 112 abstentions, 
officials told the lower house. 


fiMMral Haws 


Gvic cooperation helps to confirm Cali as 
Colombia’^ new drug capi- 
tal. Page 6. 




uP Up 

-siicx.-wc'wji.-* »■- 


The Dollar 

In Nf« York 


DM 


1.7917 


Pound 1.651 


As GIs leave after 45 years. 
Kaiserslautern wonders who 
wfll eat the tacos. Page 6. 

Business/ 

finance 

Kuwait seeks to borrow 534 
Ullion abroad. Page 9. 



Yen 137.0 0 


FF 6.0815 Crossword 


Page 3. in a 


Uwhw ftwppfi'Ttr Auccaaoi 

A member of Croatia's militia defense force taking shelter Monday between vehicles 
in a village sootfa of Zagreb, where bouses have been under attach from Serbs. Page 6. 


U.S. Indicates Readiness 
To Close Clark Air Base 


By William Branigin 

Washington For/ Service 

MANILA — The United States indicated 
Monday that it was ready to give up Clark Air 
Base, which has been devastated by volcanic 
damage, but said that it wanted to maintain “an 
appropriate U.S. mflitaiy presence” in the Phil- 
ippines. 

The U.S. special negotiator. Richard L. Ar- 
mitage, arriving for the latest round of talks on 
the future of the two big U.S. military bases in 
the Philippines, issued a statement aimed at 
preparing Philippine authorities for an Ameri- 
can withdrawal from Clark Air Base, a site 
occupied by the U.S. military since 1901 

Gting substantial damage from ashfaBs. avi- 
ation hazards from continuing ash emissions 
and the threat of further damage from mud- 
flows and floods, Mr. Armitage said he had told 
Foreign Secretary Raul Manglapus that “the 
future of Clark is questionable." 

He added that (he closings of nearly three 
dozen military installations around the United 


Air Force was virtually certain to give up us 

“ s) north of 


huge base 80 kilometers (50 miles) 

Manila. 

[“! think we’re inching towards an agree- 
ment,” a U.S. spokesman, Stanley Schrager, 
said in a telephone interview with Reuters in 

See BASES, Page 2 


No Israeli Concessions on Peace 


Shamir Rejects Assad’s Reply to t/.S. Sight Unseen 


By Joel Brinkley 

New York Times Serrue 

JERUSALEM — Israel announced Monday 
night that it intended to offer no new conces- 
sions to match those offered by Syria when 
Secretary of State James A Baker 3d visits here 
next week. 

The government greeted Syria’s positive re- 
ply to the U.S. compromise proposal for a 
regional peace conference with heavy skepti- 
cism and deep concern. 

In Monda/s only official statement respond- 
ing to the Syrian letter, the office of Prime 
Minister Yitzhak Shamir said: “Understand- 
ably, Isiad will stand on all the positions ex- 
pressed in the prime minister’s letter to Presi- 
dent Bush.” 

Mr. Shamir, in his letter, rejected Mr. Bush's 
proposed compromises. 


Senior officials said they worried that Presi- 
dent Hafez Assad’s letter did not offer a conces- 


sion. but was actually a trick designed to ensure 
that Israel would trace the blame if the U.S. 
initiative failed. 

The general tone of official remarks suggest- 


Baker is returning to the Mideast as hopes for 
the peace process are refunded. Page Z 


ed that the government’s intent was to debunk 
the view that the Syrian response was either 
positive or import ml 

Officials said they had not seen the text of the 
letter. But Defense Minister Moshe Arens, the 
senior minister closest to Mr. Shamir, suggested 

See ISRAEL, Page 2 


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In the Kremlin, Awe Is Gone When Tailors Bare Sartorial Secrets 


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7 9 * ' * 


By David Remnick 

Washington Past Service 

MOSCOW — Winsion Churchill’s Russia 
—the “riddle wrapped in a mystery inside an 
enigma" —loses its sinister validity somehow 
when a KGB guard named Vladimir Khovra- 
toviefa reports that Lenin’s Tomb sits atop a 
gymnasium, toilets and a swell cafeteria. 

In the newspaper Nezaviritnaya Gazeta, he 
described the scene in the Communist cata- 
comb: “While thousands of people from 
around the globe languish outside in a mile- 
long Une to pay their tribute io the body of 
the great leader of the world proletariat, wait- 
ers place sturgeon and caviar sandwiches on 
plates and a noncommissioned officer of the 
KGB switches on his tea kettle." 

Times have undoubtedly changed when the 
Kremlin’s tailors — old women who made 


suits for members* of the Politburo — decide 
• to reveal the sartorial secrets of the Commu- 
nist Party leaders to Komsomol skaya Pravda- 

Klava Lyubeshkina. who stitched suits for 
everyone from the corpse of Lenin ( u every 18 
months the doth begins to lose its original 
splendor") to MikhnD S. Gorbachev, re- 
vealed; “The tailor mannequins were kept in 
special closets, which nobody except us, the 
cutters and tailors, ever dared touch. We 
always worked behind dosed doors and sur- 
rounded by. armed guards.". 

"Two or three times a year," she added. 
“KGB specialists would go abroad, usually to 
Scotland or Austria, to buy material for the 


lapse of the Bolshevik state is the disappear- 
ance of Bolshevik mystery, that awesome 
vagueness of power and intention that kept 
millions in a slate of constant fear and Sovie- 
tologists abroad wondering why the defense 
minister was wearing a homburg and not a 
trilby like the general secretary. 

The mystery was always pan erf the theol- 
ogy of the atheistic state. Stalin, who studied 
in a seminary, must have got the idea from 
Russian Orthodoxy. With his ascension, So- 
viet politics suddenly took on the mystery of 
faith. 


mgs of the .Politburo were more mysterious 
than sessions of the College of Cardinals-, 
transfers of power were more difficult to 
predict in the Kremlin than in the Vatican. 

In the age or television, the evening news 
program “Vremya" perfected an artificial 
language delivered in the solemn drone of a 
catechism. The program was the average So- 
viet riHizen'5 principal contact with ihc public 
world and with power itself. 

The Kremlin tailors watched lo see if Lhe 
suits they made fit their customers well. Intel- 
lectuals watched to read between the lines. 


from above, by the Ideology Department of 
the Central Committee." 


The Soviet leaders themselves are no long- 
er so mysterious. 

When Nikita S. Khrushchev smuggled a 
stack of tape reds to the West for publica- 
tion, readers did not know for sure until this 
year whether the work was genuine. Now 
Kremlin figures chum out memoirs with the 
same speed as Super Bowl champions and 
While House officials. 


suits. 


These revelations have deflated the aura of 


“One at the keys to Stalin’s mystery was 
that he was m» rarely seen." said Leonid 
Parfyonov, an iconoclastic TV performer. 
“This little man with pockmarks was some- 


MidJeveJ officials watched to pick up the 
current line, to receive instruction. 

" ’Vremya' was not a news show; it wav a 
holy ritual of ihc Bolshevik faiih." said 


Kremlinology. how a giant, a god on earth. couaro aaguiaycr*. a uumci unu.nn «u me 

One of the essential dements of the col- For decades, the Thursday morning meet- program. “Every camera angle was dictated 


Raisa Gorbachev, the first lady: Alexander 
N. Yakovlev, the Gorbachev adviser. Yegor 
K. Ligachev. the Gorbachev' rival now out of 
the Politburo: Vitaly A. Korotich, the hold 
magazine editor Eduard A. Shevardnadze, 
(he former foreign minister, and Anatoli A. 


Sec MYSTERY, Page 3 


Russian Vows 
An 80% Shift 


Of Weapons 
Industries 


Deputy Prime Minister 
Stresses Commitment of 
Moscow to Conversion 


By Tom Redbum 
and Leigh Bruce 

Iniemauonai HeruU Tribune 

LONDON — In an effort to persuade the 
West that Moscow is commit led to deep eco- 
nomic change, a high Soviet official said Mon- 
day that his government's plan io switch 4U0 
military factories to full-time civilian produc- 
tion was pan of a broader conversion program 
that could eventually affect as much os 80 
percent of its defense plants. 

This assertion, made by Deputy Prime Min- 
ister Vladimir L Shcherbakov, was potentially 
significant because of the great weight of the 
military in the Soviet Union's command ecom*- 
rav. at the opposite pole of the free- market 
practices the West would like Moscow- to adopt. 

According to many estimates, the military 


US. and Soviet negotiators remain upbeat 
about reaching a START accord. Page 3. 


The G-7 leaders pledge to give a joh to stalled 
trade negotiations. Page 3. 


now absorbs as much as 20 percent of the 
country's gross national product. 

Soviet willingness to convert large portions 
of its arms production to nonmilitary use is a 
key dement of the effort to persuade the G-7 
leaders that it deserves significant Western as- 
sistance as it moves toward a market-based 
democracy. 

The Sonet Union is now prepared to open up 
“our holy of holies," President Mikhail S. Gor- 
bachev said last Friday, referring to the military 
industry. 

With Western officials continuing to com- 
plain that the Soviet Union lacks a specific plan 
for adopting a market economy. Mr. Shcherba- 
kov defended the proposal Mr. Gorbachev will 
submit to the leaders of the Group of Seven 
major industrial democracies here Wednesday 
“as the start of a process, not the end of the 
road." 

Soviet officials said they were looking for a 
broad commitment of future support rather 
than any immediate infusion or Western cash. 

“It would be naive to say that we expect 
President Gorbachev io come away with these 
black Kraos filled with money.” said Vital! N. 


Ignatenko, his senior spokesman. “This is not 
tne p 


States had made congressmen reluctant to ap- 
prove large outlays far bases “in the shadow of 
an active volcano halfway around the world.” 

Other sources close to the talks said Mr. 
Armitage was being diplomatic in his descrip- 
tion of what is, in fact, sharp congressional 
opposition. 

Admiral Charles Larson, the visiting com- 
mander of the U.S. Pacific Command, told 
President Corazon C. Aquino on Monday that 
he was “very pessimistic” about the utility of 
Clark and the adjacent Crow Valley aerial 
training range, a presidential spokesman said. 

A U.S. negotiator said that although a final 
decision had not yet been announced the US. 


i purpose. 

Leaders of the Group of Seven are divided 
among themselves over how forthcoming they 
should be to Mr. Gorbachev. 

The United States, Japan, Britain and Cana- 
da are reluctant to pledge aid in advance of 
sweeping changes, while Germany, France and 
Italy favor a strong statement of support for ihe 
Soviet leader. 

When he meets with G-7 leaders. Mr. Gorba- 
chev is expected to seek a $10 billion to S 12 
billion currency stabilization fund, a lifting of 
the limit on loans from the European Bank for 
Reconstruction and Development, a debt re- 
duction package and associate membership in 
the International Monetary Fund and the 
World Bank 

The Soviet leader is likely to be rebuffed, at 
least for now, on all but the bid for closer 
association with the IMF and World Bank. 

Soviet officials acknowledged that their lat- 
est economic package, heavily criticized as lack- 
ing in specifics, was still relatively cautious 
about how fast the Soviet Union could move 
toward a market system. 

“We are parting ways with the planned econ- 
omy," Mr. Shcherbakov said “Bui we have to 
control it.” 

Grigpri A Yavlinsky, the chief author of j 
radical economic program, declined to join Mr. 
Gorbachev in London, but Soviet officials de- 
nied that it was because he was disappointed 
about the package adopted by the Soviet leader. 

Despite Western criticism or the Soviet pro- 
posal, Mr. Shcherbakov said he hoped that Mr. 

See SOVIETS, Page 3 


Strengthen UN, 
Major Asks G-7 


By R.W. Apple 

New York Times Sent re 

LONDON — The leaders of the world's 
wealthiest democracies began their 17th annual 
summit conference Monday with discussions or 
problems io Yugoslavia, the Middle East the 
Gulf, South Africa and. most conspicuously, 
the Soviet Union. 

Prime Minister John Major of Britain, the 
host nation for the three-day meeting, opened it 
with a ringing appeal for common efforts, to 
“build a world partnership and strengthen in- 
ternational order." His key proposal called for 
“a stronger United Nations that is more of a 
peacemaker than a peacekeeper” and that 
could respond more effectively to crises like 
that in Kurdistan this spring. 

President George Bush and his aides sought 
backing for his threat to bomb Iraq if it failed to 
destroy its nuclear-weapon* facilities. France 
endorsed the U.S. position Sunday, and Japan. 
Germany. Italy. Canada and Britain, the other 
conference participants, seemed ready to fail 
into line. 

Moving to exploit what it described as a 
generally positive response from Syria to U.S. 
efforts io promote a Middle East peace confer- 
ence, the White House said that Secretary of 
State James A. Baker 3d would travel to' the 
region next week for the fifth time in recent 
months. The United States hopes to persuade 
Israel to rethink its opposition to a conference 
in light of Syria’s latest declaration. 

While still here. Mr. Baker is expected to 
make one more auempL in a meeting with 


See SUMMIT, Page 3 






Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY. JULY 16, 1991 




Baker Is Returning 
To Mideast in New 




Push to Open Talks 


By David Hoffman 

Washwgttm Past Service 

LONDON — President George 
Bush launched another round of 
Middle East diplomacy Monday, 
sending Secretary of State James A. 
Baker 3d back to the region amid 
signs that the United States is in- 
tensifying pressure on Israel to 
agree to attend a regional pence 
conference. 

The announcement followed a 
letter from President Hafez Assad 
of Syria in which U.S. officials said 
he responded positively to Mr. 
Bush's plan for a regional peace 
conference under the auspices of 
the United States and the Soviet 
Union. 


Mr. Bush on Monday called the 
letter “a good response" and “very 
positive,” and U.S. officials said 
that Mr. Assad had accepted the 
administration's overall concept 
for the peace conference. 

“In our view, this is basically a 
yes," said a U.S. official familiar 
with the letter. “What he's doing is 
buying on to our general ap- 
proach." 


eL It win be his fifth mission to the 
region since the end of the Gulf war 
sparked a renewed drive for a peace 
process. 

The administration gave strong 
indications Monday that Mr. Bak- 
er, having secured a positive re- 
sponse from Syria, will now seek to 
turn up the pressure on Prime Min- 
ister Yitzhak Shamir of Israel to 
agree to attend the conference. 

Mr. Bush bad appealed to all the 
leadens in the region to drop their 
objections to the conference in a 
recent letter. But Mr. Shamir re- 
sponded that Israel could not ac- 
cept the conference as it was then 
being considered. At that time, Syr- 
ia had also been recalcitrant. 


The official said Mr. Assad put 
no conditions on attending the 
peace conference, but rather of- 
fered “suggestions" that Mr. Baker 
wants to discuss with him. 


“The Israelis have so far ra- 
ided negatively to the presi- 
lt’s proposals,” the national se- 
curity adviser, Brent Scowcroft, 
said Monday in a television inter- 
view here. “We would hope that 
they would re-evaluate in the light 
of this Syrian response." 

Mr. Fitzwater said “the question 
becomes, what ramifications does 
this have for other parties in the 
region? How will others react to 
it?” He added, “Each country has 
to judge those opportunities for it- 
self." 



WORLD BRIEFS 


U.S. Refuses to Correct 1990 Census 


WASHINGTON (AP) — The Bush administration refused Monday to 
correct the 1990 census, although by the Census Bureau’s own estimate 
more than 5 millio n people have been overlooked. That decisoa is 
expected to cost big dues and stales milli ons of dollars and could affect 
the makeup ofpoiihcal districts nationwide. - 

Commerce Secretary Robert A Mosbacher announced the decision, 
saying that to adjust the 1990 tally would be to “abandon a 200-year 
tradition of how we actually count people." A federal coon had ordered 
him to decide by Monday whether or not to scrap the census numbers in 
favor of population estimates. 

Die choice is important because the official numbers are used to 
determine where biflions of dollars in federal money will go and how 
many representatives each state sends to Congress Several big cities khd 
states have vowed to return to court to demand that the tally be corrected. - 
By the bureau’s estimate; Account of 248.7 million is too low by 5 J 
million. Many of those not counted were blacks and Hispanics. 



V- ; • 


New Accusations at Papandreou Trial 

ATHENS (AP) — The star witness is Greece’s biggest embezzlement 
trial alleged Friday that he had deposited millions of dollars in illegal 
funds in foreign banks on instructions from former Prime Minister 
Andreas Papandreou. 

On the >6th day of the trial of Mr. Papandreou and. two of his 
ministers, the former owner of the Bank of Crete, Giorgos Koskotas,sajd 
be had sent more than $9 minion to batiks in London and Panama. Ihe 
money presumably represented commissions from the sales of Greek 
arms. He produced what he said were instructions in Mr. Pa pandwou’g 
handwriting telling him where to send the money. He said the instructions 
had been given to him during a meeting in June 1988. - ; 

Mr. Papandreou, who led Greece from 1981 to 1985, has boycotted the 


• Senior Ament 

i \jonday ito .* 

I 1 hst remain 

*!***£$$ ^ sen 


TkeAaetaariPro* 

Moshe Arens, right, meeting with aides, said Monday he hoped that Syria’s new position would lead to efirect talks with Israel 


that he took bribes and blocked a central bank audit of the Bank of Crete 
when it was reported to be in fi nancia l straits — - were politically 
motivated. 


Officials would not disclose oth- 
er details of the letter, which Mr. 
Assad gave to the U.S. ambassador 
to Syria. Edward Djerqian, over 
the weekend. 


Israel's calculation may be influ- 
enced by its need for $10 billion in 
U.S.-backed loan guarantees to 
help offset the costs of absorbing 
Soviet immigrants. 


The White House press secre- 
tary. Marlin Fitzwater, said that 
Mr. Baker would leave Wednesday 
from the economic summit meeting 
in London for talks in Syria, Jor- 
dan. Saudi Arabia. Egypt and Isra- 


Israeii officials have repeatedly 
urged the United States not to at- 
tempt to link the loan guarantees to 
the peace process, but the adminis- 
tration seems prepared to at least 
use the prospect of such leverage to 
try to advance it. 


The United States would also 
like Israel to freeze settlements in 
the West Bank. Mr. Baker, in re- 
cent congressional testimony, 
charged that Israel's pattern of set- 
tlement in the occupied territories 
had become the single major obsta- 
cle to the peace process. 

Egypt has already agreed to join 
the peace conference. Saudi Arabia 
and five other Gulf states have 
agreed to send observers. Jordan is 


In the postwar diplomacy, Mr. 

Israel and S 


Baker edged both Israel and Syria 
doser to attending a conference 
sponsored by Washington and 
Moscow. The conference would 
lead to direct talks between Israel 
and its Arab neighbors, and to the 
parallel talks between Israel and 
the Jordan) an-Palestinian delega- 
tion. 


ISRAEL: Syria Reply Qwttenged 


2 Deserters Kill 10 Soviet Soldiers 


expected to join with a group of 
" ; fc 


Pales tinians for possible talks with 
Israel over the future of the occu- 
pied territories. 


The conference would also be 
followed by talks on regional prob- 
lems such as arms proliferation and 
water resources, in which the Gulf 
states said they would participate 
directly. 


- (C ont i n ued from page 1) 

that any Syrian concessions would 
have no effect on the Israeli point 
of view. 

“Tbe Syrians can put on the ta- 
ble whatever they want, and we will 
put on the table whatever we con- 
sider the proper thing to do," be 
said. 

An Israeli newspaper said in a 
editorial Monday that this was the 
“moment of truth" for the Shamir 
government, because it would be 
called upon to “make compromises 


after it has already drawn its red 
lines.” 


MOSCOW (AFP) — Two Soviet soldiers massacred 10 fellow service- 
men before fleeing with machine guns and 600 cartridges, the official 
press agency Tass reported Monday. 


Shimon Peres, leader of the La- 
bor Party, also took that stance. 

President George Bush sent let- 
ters to tbe Israeli and Syrian gov- 
ernments last month asking both to 
accept compromises on the format 
for a regional peace conference. He 
asked both governments to allow 
the conference to reconvene peri- 
odically, if all parties agreed. He 
also asked both to permit a United 
Nations observer to attend. 


The arm launched a manhunt after the kQlings,, which occurred 
Sunday in the r ' 


„ i Ulyanovsk region. . 

Last week, two deserters killed eight guards and wounded^ five, in 
Yakuty, in northern Siberia. 


Jakarta Urges Restraint Over Islands 


Iraq Calls U.S. Attack a 'Probability’ 


By Paul Lewis 

Hew York Times Service 

BAGHDAD — The Iraqi prime 
minister, Saadoun Hammadi, said 
Monday that a new U.S. attack on 
his country was “a probability." 
even though, he said, Iraq was com- 
plying fully with the United Na- 
tions Security Council's cease-fire 
terras for ending tbe Gulf war. 

Speaking at a news conference 
here, he said that Iraq was ready to 
provide the United Nations with 
whatever additional information it 
might want about tbe country's 
clandestine nuclear weapons pro- 
gram. 


But he avoided any categorical 
assurance of the completeness of 
the new list of secret nod ear facili- 
ties that Iraq banded over Sunday 
to the United Nations for destruc- 
tion under the Security CounriTs 
cease-fire terms. 

Instead, he said the reason Iraq 
had submitted three separate and 
different inventories of its secret 
nuclear facilities over the last four 
months was that the government 
had misunderstood what the Secu- 
rity Council wanted it to declare. 

“We answered their demands as 
we understood them." he said, 
“and when the differences were ex- 


For three weeks each July, 
the world’s greatest sporting event 
sweeps through France — 
and the rest of the world is watching: 
The Tour de France is professional 
bicycle raciiig’s greatest challeng e. 


plained, we gave more informa- 
tion." 

[At the United Nations, U.S. 
Ambassador Thomas Pickering 
characterized Iraq's latest list as 
inadequate, Reuters reported. 

(“We have extreme doubts we 
will hear anything but a reconfir- 
mation of what we have already 
heard, which is a tale of Iraqi du- 
plicity," Mr. Pickering said.] 

In April, Iraq said tbe only nu- 
clear facilities it possessed were 
those it had already declared to tbe 
International Atomic Energy 
Agency in Vienna and placed un- 
der international safeguards to en- 
sure they were not used for military- 
ends. 


The prime minister said another 
American assault against Iraq was 
probable, not because Iraq was 
railing to amply with the Seairity 
Council’s demand that it surrender 
its weapons of mass destruction, 
but because the United States is 
determined to “destroy" Iraq and 
overthrow President Saddam Hus- 
sein. 


Besides handing over all its 
weapons-usable nud ear material 
for destruction, Iraq is required by 
the cease-fire terms to surrender its 
chemical and biological weapons as 
well as its ballistic missiles. 



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First held in 1903, and only interrupted by the two World 
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Superbly observed and brilliantly written, 
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interviews with racers and mechanics, officials and 
observers. Nearly one hundred action photographs 
make the events come to life. 

This book is a must for anyone interested in 
professional bicycle racing in general, and the Tour de 
France in particular. 

By Samuel Abt, deputy editor of the 
lotemational Herald Tribune, and anthnr nf . 

The Incredible Comeback ofm 


Tour deFmce is pubfched by Bicyde Books, Inc (San Frcmasco) 
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Under pressure from the United 
States, Iraq revealed ou July 7 that 
it was. in fact, engaged in a secret 
program to produce enriched ura- 
nium, which can be used as a nucle- 
ar explosive, at right undeclared 
sites, using three enrichment tech- 
niques. 

Sunday, Iraq banded over a fur- 
ther list of previously undisclosed 
nuclear installations after tbe Unit- 
ed States asserted that the July 7 
declaration was still incomplete. 


■ Last Troops Leave Iraq . 

The last allied troops crossed 
into Turkey from northern Iraq on 
Monday, ending a three-month 
presence in the region aimed at 


resettling and shielding tens of 
isands of Kurdish refugees. 


thousam w 

The Associated Press reported 
from the border town of Zakho. 


The allied commander. General 
Jay Garner of the United States, 
followed the last 3,170 American,' 
French. British and Dutch troops 
to cross the border. 


G-7 Will Take Hard Line 
On Iraqi UN Compliance 


Compiled by Our Staff From Dispatches 

LONDON — The Group of Seven will call for sanctions to be 
kept against Iraq until it implements all United Nations resolutions. 
British officials said Monday. 

Tbe officials said that a draft communique, to be endorsed 
Tuesday at tbe G-7 s ummi t meeting, would also underline the right 
of the Iraqi people to choose their own leader, throwing doubt on the 
leadership of President Saddam Hussein. 

They quoted the draft as saying that group’s leaders agreed “to 
maintain sanctions against Iraq until all the relevant UN resolutions 
have been implemented in fulL" 


Earlier, in Geneva, the bead of a UN mission to Iraq presented a 
proposal under which the Security Council would relax sanctions 
against Iraq to allow it to buy food, medicine and spare parts for its 
systems of sanitation, electricity and communications. 


The plan offered by Prince Sadruddin Aga Khan, who also heads 
Derations in the Gulf, was a follow-up to 


up to his rocommen- 
to save Iraq 
mission made a five-day visit to Iraq 


UN relief operations 
dation in Baghdad ou Frida; 
from a “catastrophe." The 
last week. 

Under Prince Sadruddin's proposal, Iraq would be allowed to 
import food, fertilizer, seeds, drugs, health-service vehicles, spare 
parts for sanitation systems and equipment for its electric power and 
communications sectors. 


According to the report, Iraq can generate the resources to pay for 
such supplies either through bang allowed to sell oil or through the 
release of government assets frozen after its invasion of Kuwait on 
Aug. 2. (Reuters, AP) 


JAKARTA (Reuters) — Foreign Minister Ali AJaus appealed Mon- 
day to six countries claiming a cluster of islands in the South China Sea lo 
set aside territorial demands- and decide how to dure the. area’s natural 
resources. 

Mr. Alatas was speaking at the opening ofa conference of claimants to 
the Spratlys, barren islands thought to contain large oil and gas deposits. A 
They at astride sea lanes that link mainland Southeast Aria' and the ft 
Philippines, to the east, and tbe Indonesian archipelago, to the south. . £ 

The countries with claims to tbe islands are Chma, Taiwan, Mala. ' ' 

Brunei, Vietnam and (he Philippines. The leader of the Chinese 
tion said Beijing would make no concessions on its claim. . 


Philippine Agent Arrested by Swiss 


ZURICH (AP) — A Philippine government agent tracking assets of 
the Marcos family has been arrested for allegedly leading an attempt to 
tap into Swiss bank computers, the Zurich district attorney's office said 
Monday. .’ / 

Reiner Jacobi, an Australian acting on behalf of ManilaVPrtssdential 
Commission an Good Government, was arrested Thursday mMunich on 
a Swiss warrant, the statement said. Die Manila commission; described 
Mr. Jacobi as a consultant on security and intelligence affairs, the district 
attorney’s office said. 

Mr. Jacobi and three accomplices face charges of economic espionage, 
tbe office said. It said, however, that Manila apparently was the Victim of 
a fraud because account details provided by a computer “hacker" 
working for Mr. Jacobi appear to be fake Investigators said they found 
□o evidence that an electronic break-in actually happened. 


For the Record 


Hong Kong organizers emeded a: conference! on democracy; in China 
on Monday after several ' Chines e student activists living .abroad were 
denied entry into the British colony. The Hong Kong Federation of 
Students said 17 Chinese student leaders from around the -world were to 
have attended the conference, which was to have begun Tuesday. (AP) 
The Yangtze River crested Monday near . several industrial cities 
without causing significant new flood damage, but officials said other 
riven and lakes remained dangerously high. Rains and floods have killed 
more than 1,000 people in eastern China and 1,700 nationwide. (AP) 
A coup a tte m pt by a Mali cabinet minister. Colonel I .amine Diabin, 
failed on Monday, and he was reported to be under arrest, sources said in ' 
Bamako, (hecapitaL Colonel Diabira, former governor of the Timbuktu 
region, had held the territorial administration portfolio. There was no 
word from the country’s leader, lieutenant Colonel Toumani Tourfe, who 
overdrew General Moussa Traorfcon March 21. (AFP) 


ENRICH: Iraqi Laic-Tech Method Shatters Efforts at Nuclear Safeguards 


TRAVEL UPDATE 


(Cbotinoed from page 1) 

weapons fuel showed great clever- 
ness, the experts say. 

“It’s astonishing,” said Dr. 
Glenn T. Seaborg, a Nobel laureate 
in physics and former chairman of 
the Atomic Energy Commission, 
which built most of the United 
States' nuclear bombs. “It repre- 
sents quite a technical effort." 

Dr. Edward J. Lofgren, a physi- 
cist at the Lawrence Berkeley Lab- 
oratory in California who helped 
develop calutrons during World 
War II, said Iraq’s choice of enrich- 
ment method, while surprising, 
made eminent sense. 

“The other methods are very effi- 
cient but take lots of capital and 


big plants," he said. “A calutron, 
the oth 


on the other hand, in one stage 
enriches a large amount. It's not 
energy efficient But it doesn't take 
a lot of capital." 

Dr. J. Carson Mark, a former 
official of tbe Los Alamos Natrona] 
Laboratory in New Mexico who 
has studied the Iraqi program, said 
90pound5 of highly enriched urani- 
um might produce two bombs. He 
added that it was impossible to 


know whether the Iraqis had actu- 
ally made such bombs. 

He also criticized U.S. intelli- 
gence agencies for apparently fail- 
ing to discover the clandestine ef- 
fort at uranium enrichment “Why 
spend all that money on intellh 
geoce when it apparently and evi- 
dently learns nothing?" he asked. 

Paul L. LeventhaL president of 
tbe Nuclear Control Institute, a 
private group ia Washington that 
studies the spread of nuclear tech- 
nology and has worked closely with 
Dr. Mark, said it was unlikely that 
the Iraqis already had a bomb, es- 
pecially in light of tbe disarray 
caused by the Gulf war and Iraq's 
moves to hide nuclear materials 
around the country. 

“But do they have the compo- 
nents there, to put one together in 
short order?" he asked. “I would 
say yes." 

Mr. Levanha] added that the re- 
emergence of the old enrichment 
technique would force the develop- 
ment of a new set of international 
safeguards and precautions. 

“we can’t put the genie back in 
the bottle " he said. 


He said that the main thing was 
to uy to improve intelligence-gath- 
ering ability so that existing calu- 
trons could be tracked down. He 
added that new sanctions would be 
needed to inhibit their use for ura- 
nium enrichment. 

Leonard S. Spector, an expert on 
the spread of nudear arms at the 
Carnegie Endowment for Interna- 
tional Peace in Washington, said 
news of the Iraqi enrichment suc- 
cess had toppled the international 
program to stem weapons prolifer- 
ation. which has focused on limit- 
ing advanced methods. 

“It’s cataclysmic," he said. “All 

.: 1 — without 

idseis 


government and a c ad e mi c scien- 
tists, in contrast to the secrecy 
maintained around more advanced 
methods of uranium enrichment. 

Most important, experts say, ca- 
lutrons are relatively easy to build. 
They use few exotic materials, in 
principle allowing them to be large- 
ly constructed without Western 
aid. 


A cause ship, the Starship Majestic, was towed into port Monday in 
Cape Canaveral, Florida, a day after the 1,120 passengers and crew 
almost abandoned ship because of a fire, the U.S. Coast Guard said. M?) 


The Weather 


ii s cauraysirac, ne xuu 

this was being done in Iraq wi 
anybody knowing it. So who < 


doing ii? Everybody in the commu- 
nity knew this kina of thing was a 


possibility. But to be confronted by 
an example is devastating” 


The main drawback is that that 
bulky electromagnetic coils de- 
mand a lot of electrical power. But 
experts note that Iraq, with large 
oil supplies, can cheaply generate 
electricity for the process. 

Experts on the spread of nudear 
weapons say that their field, which 
for decades has focused on ways to 
stem the spread of advanced bomb- 
making methods, wfl] now have to 
be rethought from the bottom up to 
focus on calutrons. 



North America 


Though slow and costly, experts 
say. the electromagnetic process 
has many virtues from the Iraqi 
point of view. For one thing, it has 
been declassified for decades. De- 
tailed blueprints of its workings 
have been published by the U.’S. 


“Maybe there are bits and pieces 
of this technology that we can con- 
trol," Mr. Spector said. “But if we 
can’t, then you’ve got the possibili- 
ty that one of tbe real underpin- 
nings for tbe control of nudear 
weapons won’t be there anymore.” 


A ten wsw wfl winch 
boom most at tfw United 
Sums Iron the Mddto At- 
lantic and Great Lakes 
states throqgti the central 
and southern Plain* 
Wednesday through Fri- 
day. Heavy thunderstorms 
Ml be scattered /rent Me 
ml to Houston. 


Europe 

A strong storm tram the 
Altosie Ocean wfl bring 
gusty winds and heavy 
reins to Great Britain 
Thursday Into Friday. A 
lew showers are Italy lat- 
er Thursday Into Friday 
tram France to Germany. 
Southern Europe wflf have 
tunny, hoi weather. 


Asia 


Hot. steamy wea th er wH be . 
die rule Wednesday 
thrombi Friday, not otaf 
from Singapore to Hong 
Kong anoTaMon, bUario 
from Bafflng to Seoti and 
Tokyo. Sc a ttered thundar- 
■torms wB douse a traction 

of date region, ofttrtag 
temporary cooing. - 




BASES: Future of Clurk Air Base Is Questionable, U.S . Envoy Says 

propriate U.S. military presence in 
the Philippines is vay much in the 
interests of both of our nations and 


(Condoned from page 1) 
Manila, “If we initial an agree- 
ment, it wOl be on Thursday.^ 
Even if tbe Philippines drops its 
insistence on limiting a new bases 
agreement to seven years and ac- 
cedes to a UJL demand for at least 
10 years, the official said, the long- 
er time frame would still be too 

short to justify the hundreds of 
millions of dollars required to reha- 
bilitate Gaik, especially given the 
uncertainty of the volcano's behav- 


ior and the risk of ash emissions 
and mudflows for years to come. 

“There is no prospect that signif- 
icant sums of money will be spent 
to dean it up and reconstruct it," 
the official said of Clark, which has 
long been the largest single U.S. 
overseas military operation. 

Mount Rnalubo, which erupted 
a month ago and continues to spun 
Bug e plumes of volcanic ash. lies 16 
kilometers west of Clark and less 
than 40 kilometers northeast of Su- 
bic Bay Naval Bare, a major resup- 


Women’s Caucus Opposes Thomas 


New York Tuner Service 

WASHINGTON — The Na- 
tional Women’s Political Caucus, 
which concluded a four-day con- 
ference here on Sunday, unani- 
mously adopted a resolution op- 
ring the nomination of Judge 
trencc Thomas to the Supreme 
Court 

The resolution, voted on by more 


than 300 delegates, said tbe nomi- 
nation presented “a dear and pre- 
sent danger to women's rights." 


ply and ship repair facility used to 
help guard vital scalaues in the In- 
dian and Pacific Oceans. 

Most of Clark's 16,000 Ameri- 
cans, inducting airmen, civilian em- 
ployees and dependents, were evac- 
uated in June, leaving about 1200 
air force personnel Ail serviceable 

aircraft were removed, 

The United Slates is interested in 
holding on to Subic, which also was 
badly damaged by heavy ash/alJs 
but continues to function as a naval 
base. 

With hundreds of millions of 
tons of volcanic ash piled up on 
Pinalubo's slopes and dogging the 
area’s rivers, intense local thunder- 
storms prompted Philippine au- 
thorities lo declare mudflow alerts 
in several towns near Clark. 


Today 

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3108 22/711 

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UitapW 28/82 14/57 pc 
Copsnhsgsn 21/70 13/Bdt 
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The caucus had opposed Judge 
Thomas’s previous nominations, to 
the Equal Employment Opportuni- 
ty Commission and the U.S. Court 
of Appeals for tire District of Co- 
lumbia Circuit. 


Philippine officials said the 
rath toll f 


death toU from the eruptions had 
passed 400. 

In his arrival statement on Mon- 
day, Mr. Armitage said that despite 
the volcano, “the strategic rationale 
for these facilities remains valid. 
We continue to believe that an ap- 


is welcomed by other countries in 
the region." 

The U.S. envoy said he bad 
urged the U.S. Congress to fully 
fund the administration's budget 
request for the Philippines for fis- 
cal year 1992 “regardless of what- 
ever conclusions we reach concern- 
ing the viability of Claric Air Base 
and Subic Naval Base." 

The government wants to give 
Manila S360 million in aid as direct 
bases-rdated compensation, plus 
S160 million as part of a separate 
multilateral assistance program. 
Also to be included as part of the 
bases aid package is surplus mili- 
tary and medical equipment and 
other benefits, the value of which 
Washington refuses to spedfy. 

Manila publicly insists on $825 
million a year in bases compensa- 


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-hael R- Gordon 

By 

JrTON — Tbe thro 

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U.s. and Soviets 
Remain Optimistic 
For START Accord 


LONDON — Senior American 
officials said Monday they were 
optimistic that the last remaining 
issue on a new U.S.-Soviei. nuclear 
Arms agreement could be settled 
this week, clearing the way for the 
fust verified reductions in the stra- 
fe arsenals of the superpowers. 

Brent Scowcroft, the president’s 
national security adviser, reflected 
the upbeat White House view after 

Final Item: 
Weight of 
A Payload 

By Michael R. Gordon 

New York Tuna Service 

WASHINGTON — The throw- 
weight, or weight of the payload a 
missile can cany, has long bedev- 
iled arms control negotiators. 

Throw- weight is generally un- 
derstood to include the weight of 
the warheads, any decoys that are 
used and the so-called bus »hm 
bouses them. But the two rides 
have had trouble agreeing on a pre- 
cise te chnical definition. 

Conservative critics have long 
been concerned about the large 
throw-weight of the Soviet Unions 
land-based missies. They say this 
enables the SovieLs to pul extra 
warheads an the missiles to expand 
their arsenal in a crisis. 

Hie United States could build 
big missiles with large throw- 
weights if it wanted to. But the UJS. 
ability to manufacture small but 
powerful nuclear warheads has 
made it unnecessary far the United 
States to build large nuniles, tn»* 
the Soviet SS-18. ■ 

Conservative critics complained 
that the treaty that was signed in 
1979 but never ratified faded to 
directly limit throw-weight. But 
during the current Str&iegic Arms 
Reduction Talks, the Soviets 
agreed to cut (bar throw-weight in 
half. 

Tbe throw-weight issue has also 
been tied to a separate dispute, 
over what constitutes a new type of 
missile. 

Under the treaty, neither ride 
can test a mimic with more war- 
heads than it is defined to have. Bm 
some administration speaahsts are 
concerned that the Soviet Union- 
could tafceits SS-25 missiles/wfrich 
carry one warhead each, and with a 
small expansion in throw-weight, 
develop a new type of missile that 
would cany three warheads. 

To prevent the Soviets from do- 
ing this, Uik negotiators have in- 
sisted that new types of missiles be 
different from existing ones in their 
throw-weight ■ 

-For example, they have said that 
any new type of missile must have 
considerably larger throw-weight 
than tbe SS-25. 

The Soviets have resisted this de- 
mand. 


an announcement by Secretary or 
State James A. Baker 3d and For- 
eign Minister Alexander A. Best- 
mertnykh that they bad narrowed 
their differences to a single, techni- 
cal question. 

There was hope that Mr. Baker, 
Mr. Bessmertnykh and their 
of experts could resolve the issue in 
meetings Tuesday so that President 
George Bush and President Mik- 
hail S. Gorbachev could announce 
here on Wednesday that Ihe Strate- 
gic Arms Reduction treaty was fi- 
nally completed after 30 years. 

Mr. Bush and Mr. Gorbachev, 
will confer at the end of the Group 
of Seven summit conference that 
includes tbe heads of the major 
industrial democracies. 

Mr. Scowcroft said he thought it 
was “quite possible" that the treaty 
could be comp leted in tune for (he 
Busb-Gorhacbcv session. He said 
the negotiators “did a great deal of 
wot m Washington m resolving 
the remaining differences.'* 

“What is left is an issue dealing 
with tbe definition of new types," 
be added. “It’s an important issue, 
but it’s not beyond resolution." 

Mr. Scowcroft said he was "opti- 
mistic" that tbe START treaty 
could be settled and that a delayed 
Bush virii to Moscow could be an- 
nounced. 

Mr. Scowcroft, a retired airforce 
fieutenant general, said the remain- 
ing question, dealing with the 
“throw-weight" of an interconti- 
nental missile, was an important 
issue but not beyond resolution. 

US. officials stressed that the 
Moscow meeting would remain on 
hold until U.S. and Soviet negotia- 
tors coaid clear tbe last hurdle. 

Mr. Baker and Mr. Bessmert- 
nykh, over four days in Washing- 
ton, settled all but die one issue. 
They could not, however, agree on 
the throw-weight standards before 
quitting Sunday nights 
“It's encouraging," Mr. Bush 
said of tbe settling of other tough 
disputes after months of tough bar- 
gaining. Speaking to reporters dur- 
ing a photo- taking session with 
Prune Minister GiuBo Andreotti of 
Italy, Mr. Bush stressed that there 
was’ “one pant remaining, but an 

important one.” 

Throw-weight refers to the ex- 
plosive force a missile can ddiver 
to a target from a specified dis- 
tance. It is one of the key character- 
istics of missiles. 

Ihe United States wants new 
missiles defined in ways that ensure 
they are vastly different. Ihe idea is 
to prevent the Soviets from produc- 
ing almost identical tmssues and- 

^XS-concern is that they would be 
mined with fewer warheads, but in 
a crisis would be loaded with all the 
warheads the' virtually identical 
type is known to be capable of 
carrying. 

In the meantime, only the war- 
heads on the new missiles as they 
were deployed would be counted 
against the Soviet totaL 
The officials still called the prob- 
lem a technical one. “But we also 
want be able to keep tabs on the 
missiles they wil] be producing,” an 
official said. {A?, UPI, AFP) 



TbcAMmrfPlB 

President George Bush and other G-7 leaders preparing Monday for the first session of their summit meeting in the Music Room at Lancaster House in London. 

G-7 Chiefs Vow to Burst Through Trade Roadblock 


IraernaHtmal Herald Tribune 

LONDON — The world’s seven richest countries pledged 
Monday to give a decisive push to the stalled global trade 
talks as they opened their annual economic summit confer- 
ence, hut they showed no sens erf overcoming the longstand- 
ing differences that have blocked progress in the past. 

“We must all commit ourselves to complete the GATT 
Uruguay Round successfully," Chancellor Helmut Kohl of 
Germany told his partners in the Group of Seven. “By doing 
this, we win be making an important contribution to the 
integration into the world economy of the developing coun- 
tries and the reforming Central and East European nations." 

Despite the statements of determination, the leaders of- 
fered no concrete evidence that they were any closer to a 
compromise on agricultural trade. The deadlock in the talks 
is threatening the whole structure of world trade. 

The General Agreement on Tariffs and Trade is the global 
system of rules regulating international trade. A breakdown 
would, in tbe view of most experts, lead to an increase in 
protectionism and perhaps even to trade wars between 
competing economic Noes. 

The Uruguay Round, so called because the negotiations 
began in that South American country in September 1986, is 
intended to update tbe agreement and extend it to new, 
economically vital areas like services. 

When the G-7 leaders met in Houston Iasi July, they also 
pledged to bring the Uruguay Round to a successful conclu- 


sion. Despite that commitment. European Community re- 
luctance to accept deep cuts in agricultural subsidies led to 
the collapse of the talks in December in Brussels. 

The U.S. secretary of the Treasury. Nicholas F. Brady, 
said Monday that be had “not heard anything today” that 
could be interpreted as concrete progress toward an accord. 
“The question is, ate you just talking, or ate you making 
headway," he asserted, adding that “the United Stares is here 
ready to go, with the backing of Congress, to make pro- 
gress." 

Nonetheless, senior officials participating in the London 
summit meeting insisted that the beads of government would 
ddiver a strong personal commitment to concluding the 
talks by the end of this year. 

In their opening session, the heads of state and govern- 
ment all underlined their commitment to completing the 
talks as soon as possible. Chancellor Kohl told his partners 
that a failure of the talks would be a “catastrophe” for tbe 
world economy and would doom efforts at economic change 
in Eastern Europe, the Soviet Union and the Third World. 

The Germans and French have in the past remained 
together in blocking efforts to soften the EC position on 
agriculture. If fallowed through, a German determination to 
moderate the EC stance could well be the key to moving the 
negotiations to a successful conclusion. 

In addition to Germany. France and the United States, 
the members of tbe Group of Seven include Japan, Britain. 
Italy and Canada. 


The president of the EC Commission. Jacques Ddors, and 
the president of the EC Council of Ministers, Prime Minister 
Ruud Lubbers of the Netherlands, also tried to reassure the 
other summit participants that the Community had not lost 
interest in GATT, and they reiterated their support for a 
speedy conclusion of the process. 

In an implicit response to the UJS. complaint that Europe 
needs to open its markets more broadly to Eastern Europe, 
the Community leaders produced figures showing that EC 
imports from the East European democracies had increased 
by 8.1 percent between 1989 and 1 990, while imports by the 
United States, Japan and Canada had declined by 5.8 
percent. S3 percent, and 6J percent, respectively. 

In negotiating association agreements with the East Euro- 
pean countries, however, the EC has resisted opening its 
market to the crucial steel, textiles and farm products with 
which the fledgling democracies hope to improve their 
standard of living and earn much-needed foreign exchange. 

In their session Monday, the finance ministers of the G-7 
countries also reviewed the state cf the world economy. 

They predicted that the world economy would resume 
vigorous growth during the secornl half of this year. But 
some officials said that that scenario was not without risk. 

Tbe focus of the discussion was not on interest rates and 
exchange rates, as in other recent meetings of officials from 
G-7 countries, but on the need to reduce budget deficits. 

— LEIGH BRUCE AND TOM REDBURN 


For Arafat, a Chilly Stopover in Cairo 


The Asneiated Pros 

CAIRO — Yasser Arafat, who has been at odds 
with Egyptian offici als since the outbreak of the 
Gulf mas, .made his first visit to Egypt in nearly a 
on Monday. Mr. Arafat, chairman of the 
.tine Liberation Organization, was greeted 
aboard his plane by a low-level official of the 
Foreign Ministry, an indication of Egypt's contin- 
ued coolness toward the FLO. 

Although Egypt supports die Palestinian cause, 
the PLO and Cairo were on opposite sides during 
the Gulf war. Mr. Arafat had not been, to Egypt 


since the Arab League summit meeting on Aug, 10, 
when he voted against sending troops to fight Iraq. 

Mr. Arafat was received during a brief airport 
stop en route to Libya from Jordan. In previous 
stopovers, he has met dignitaries in an airport VIP 
lounge. Officials of the Egyptian Foreign Ministry 
say Mr. Arafat is not welcome in Cairo. 

■ PIX) to Qose 2 Offices 

The PLO said Monday that for economic rea- 
sons, it would dose its information offices in 
Denmark and Norway tty the end of the year, 
Reuters reported from Copenhagen. 


Castro Hopes to Exploit Japanese Ministry 
n . j x . ,-. x . Recalls Magazine 

Ibervor America Meeting For 'Sambo’ Slur 


Bessmertnykh Calls Talks 
Tantastically Complex 9 


By Serge Schmemann 

New York ttma Service 

MOSCOW — Foreign Minister 
Alexander A. Bessmertnykh of the 
Soviet Union said Monday that his 
negotiations on the Strategic Arras 
Reduction treaty in Washington 
had been “unique in pressure and 
intensity." 

Mr. Bessmertnykh made his 
comments following four days of 
talks with Secretary of State James 
A. Baker 3d rimed at securing a 
treaty sharply reducing strategic 
arms that could be signed by Presi- 
dent George Bush and President 
Mikhail S. Gorbachev. 

Mr- Bessmertnykh spoke of the 
negotiations in unusually dramatic 
terms, perhaps to convince Soviet 
readers that the embattled Gorba- 
chev adminis tration had scored a 
major breakthrough. 


The treaty “is the most striking 
document ever' elaborated in histo- 
ry he told Tass. “It is a fantasti- 
cally complex penetration into the 
heart Of strategic balances and 
technologies, ana I cannot exdude 
the possibility that this is also the 
last treaty of its kind.” 

Mr. Bessmertnykh died tbe reso- 
lution of a long-standing disagree- 
ment on joint access to telemetry, 
tbe data sent by missiles during a 
test firing, as a “canfinaT achieve- 
ment In all, he arid, the two sides 
had reached agreement on more 
than a dozen issues. 

“Unfortunately, a minor point 
prevented us from final agree- 
ment" he said. “I mean defining 
new types of missiles, including es- 
timated loaded weight” Mr. Bess- 
mertnykh said be was confident the 
issue could be resolved soon. 


Reuters' 

MEXICO CITY — More than 
20 Latin leaders are expected at a 
meeting in Guadalajara this week 
that will allow Fidel Castro of 
Cuba, long an outcast in the Span- 
ish-speaking world, an opportunity 
to build bridges to Latin America. 

The first Iberian-American con- 
ference, to take place in Mexico’s 
second city Thursday and Friday, 
will bring Mr. Castro face lo face 
with a new generation of democrat- 
ically elected Latin American pres- 
idents, as wdl as with the leaders of 
Spain and Portugal The United 
States will not take part in the 
meeting, although it participated in 


Agentx Fmnee-Presse 

HONG KONG -Two-thirds or 
the 27 brands of condom on the 
market here other Irak or are not 
thick enough fa the purposes of 
family planning or prevention of 
sexually transmitted diseases, the 
Consumer Council said Monday. 


the last one, which occurred in Cos- 
ta Rica in late 1989. 

The conference, the idea of Pres- 
ident Carlos Salinas de Gortari of 
Mexico, wifi give Mr. Castro and 
the other leaders ample opportuni- 
ty for private talks at the villas of 
the Hotel Camjno Real, where they 
will stay. 

A spokesman said goals would 
be to analyze regional integration, 
to find ways of cooperating and to 
visualize Iberia- America's future 
world rale. 

Mr. Castro’s public acceptance 
of bis invitation underlined the im- 
portance he attaches to the meet- 
ing. NcHmally he keeps his overseas 
travel plaits a closely guarded se- 
cret. 

“We believe that Latin America 
is incomplete without Cuba and 
Cuba is incomplete without com- 
plete access to the democratic 
forms," Foreign Minister Guido di 
Telia of Argentina said 

“The important thing that’s go- 
ing to take place is the bilateral 
meetings that each of the heads of 
state will have,” a Venezuelan 
spokesman said. 


The Associated Press 

TOKYO — A government-is- 
sued magazine has been recalled 
because it carried images of a black 
cook with exaggerated facial fea- 
tures that could be seen as offen- 
sive. officials said Monday. 

A thick-lipped, Sambo-like char- 
acter with huge round eyes, holding 


SOVIETS; 

Arms Plant Cuts 

(Contained from page 1) 

Gorbachev would manage to con- 
vince Weston leaden that he was 
.finally serious -about economic 
change. 

“We are not looking for a solilo- 
quy,” Mr. Shcherbakov said. 

Western leaders planned to press 
Mr. Gorbachev to ml in the details 
of his proposal in a series of meet- 
ings Wednesday and Thursday. 

“We don’t want privatization to 
become the ‘F word," said a senior 
British official, “as federal has be- 
come the *F word in another con- 
text" 

Tbe statement was an allusion to 
the bitter debate in Britain over 
whether Europe should accept the 
poal of a federal system as pan of 
its economic and political union. 

Meanwhile, Germany continued 
to encourage its Western partners 
to support the Soviet Union’s eco- 
nomic pro gram . Chancellor Hel- 
mut Konl devoted most of a meet- 


ing with Prime Minister Toshiki 
Kaifu of Japan to arguing that To- 

^ w kyo should take a larapr role in 

a fiying pari7 wearing a chefs hat investing in Eastern Europe and 
—a — . «».•. - tbe Soviet Union, a German offi- 


ACROSS 

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film 

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restricted 


30 Army 
companion 
23 Coronet 

23 NURSERY 

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28 Spanish rice 

2* Willingly 
so Inclined 

32 MARRIES 

33 Massage 

36 THESE ARE 
HIDDEN IN 
THIS 
PUZZLE 



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46 SINGLE- 
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and saying “It's a good idea to 
drew handmade posters,” was 
shown in Post 21. issued by the 
postal ministry. 

The article urged postal workers 
to make posters to advertise the 
sale of postcards that Japanese tra- 
ditionally send as summer greet- 
ings. 

A spokesman said he had not 
realized that the image might be 
considered derogatory to black 
people. But a post office worker in 
Osaka active in promoting civfl 
rights pointed out that the image 
might be seen as racist, he said 

Two years ago, the postal minis- 
try ordered the recall of leaflets 
advertising watermelon from Hok- 
kaido, tbe main northern island, 
because they included the word 
kurombo, a derogatory term for 
blacks, said another ministry offi- 
cial. 


Kohl Urges Japan 
To Invest More in 


dal said. 


Soviets Oppose 
MUitaryOption 
Against Iraq 

Agentx Frartee-Praie 

LONDON — The Soviet 
Union said Monday that it op- 
posed any fresh military ac- 
tion against Iraq's nuclear po- 
tential, while the United Slates 
said leaders meeting at the 
London economic conference 
agreed that “all options" 
should be explored. 

A Soviet spokesman, Vi tali 
N. Ignatenko, said that all ave- 
nues were open against Sad- 
dam Hussein “with the excep- 
tion of military action." 

The Soviet stance could dis- 
appoint President George 
Bush, who had hoped lo get a 
new Soviet commitment not to 
veto any possible moves in the 
United Nations against Iraq, 
analysts said. 

In Baghdad, meanwhile, 
Prime Minister Saadoun 
Hammadi accused some mem- 
bers of the Security COundl, 
notably the United States, of 
looking for pretexts to destroy 
his country, the official Iraqi 
press agency INA reported. 


MYSTERY: Tailors Bare Secrete 


(Continued from page 1) 

Sobchak, the mayor of Leningrad, 
are all on publishers’ lists. 

This end to mystery has not 
come easily for evoybody. For 
Klava Lyub eshkina, the Kremlin 
tailor, it came one day in 1982 
when three men in white smocks 
attacked her, twisted her arms and 
dragged her off lo a psychiatric 
clinic. The KGB had mistaken her 
for a dissident. She asked to be 
released, saying she was worried 
that a suit for Yuri V. Andropov, 
the KGB chairman who succeeded 
Leonid I. Brezhnev as leader, had 
been left “unattended" at the stu- 
dio. 

The agents let her use a tele- 
phone. and she informed her col- 
leagues where she was. 

The KGB released her. and for 
the “moral damage" they had com- 


mitted, gave her a Japanese watch. 

Just More retiring three yean 
later, she “had the great pleasure," 
she said, of making a suit for Mr. 
Gorbachev, and in appreciation tbe 
Soviet leader sent her a box of 
chocolates. 

Now the Kremlin tailors are 
mostly retired, living on miserly 
1 00- rub I e-a -month pensions. Last 
year, one of them wrote to the KGB 
chairman, Vladimir A. Kryuchkov, 
asking for an increase. This year. 
Mr. Kryuchkov sent them all a 
greeting card on March 8, Interna- 
tional Women's Day. 

“We all worked there for so long 
in silence," Miss Lyubeshkina said, 
“and all along we wanted to reveal 
the mystery." 


SUMMIT: 

A Plea by Major 

(Continued from page I) 
Foreign Minister Alexander A. 
Bessmertnykh of the Soviet Union, 
probably Tuesday, to resolve the 
final issue delaying agreement on a 
strategic arms treaty. If he suc- 
ceeds. senior U.S. officials said, 
Mr. Bush and President Mikhail S. 
Gorbachev may well be able to 
conclude arrangements, when they 
talk Wednesday, for a meeting in 
Moscow late this month or early in 
August 

“It's a dose call." a ranking U.S. 
official said when asked to assess 
the chances of reaching agreement, 
“because the last remaining techni- 
cal question has significant politi- 
cal overtones for our side." 

The question involves the defini- 
tion. for treaty purposes, of what 
constitutes a new missile, and Mr. 
Bush and his political advisers 
want to make sure that the final 
language does not expose them to 
aitiasm, in the U.S. Senate and the 
electorate, if the Soviets develop a 
powerful new weapon. 

Mr. Gorbachev's expected ap- 
peal to all of the London conferees 
for help for his stricken economy 
has overshadowed other economic 
and political questions, including 
another attempt to get stalled inter- 
national trade talks going. 

Japan. Canada, tbe United 
States arid Britain are reluctant u> 
commit much money to help Mos- 
cow and have expressed disap- 
pointment with the 23-page letter 
they received last week from Mr. 
Gorbachev outlining a plan for 
changes. The Germans. French and 
Italians — the big Continental de- 
mocracies that might have most to 
fear from civil unrest or economic 
collapse in the Soviet Union — are 
more eager to help oul 
Chancellor Helmut Kohl of Ger- 
many said in his arrival stale mem 
that "an outbreak of instability in 
the Soviet Union cannot be in our 
interest," and his spokesman. Diet- 
er Vogel, added later “Up to now. 
Germany has been almost alone in 
aiding the Soviet Union. Now it is 
time for the other nations of the 
world to help, too.” 

The problem facing the Western 
leaders was bow to resolve their 
differences, which almost certainly 
will mean minimal direct aid, while 
still sending Mr. Gorbachev away 
from London with his credibility at 
home imacL 

According to officials of several 
countries, the solution will include 
limited membership of some sort in 
tbe International Monetary Fund, 
technical assistance and perhaps 
several other dements. 

The U.S. secretary of the Trea- 
sury, Nicholas F. Brady, said that 
tbe summit communique might call 
the IMF participation for the Sovi- 
ets something less demeaning than 
“associate membership," which 
had been the original phrasing. 

Aides to Mr. Gorbachev stepped 
up tbe pressure on tbe leaders in 
advance of the Soviet president's 
arrival Tuesday. Yevgeni M. Pri- 
makov, a speol envoy, declared 
that his country faced the prospect 
of a “social uprising” if the rich 
Western countries did not help iL 
a Vladimir I. Shcherbakov, the So- 
viet first deputy prime minister, 
went further, warning at a news 
conference that while no one ex- 
pected “Mr. Gorbachev io come 
away from the summit with black 
limousines died with money." it 
would be a grave matter if he were 
sent away empty-handed. 

“If we do not achieve dose coop- 
eration, there could be turmoil not 
only in tbe Soviet Union but else- 
where, * he said in an apparent sug- 
gestion that the Soviet armed 
forces and other rightist dements 
might react badly. “There could be 
turmoil in the whole world. The 
internal situation in the Soviet 
Union would be rendered more 
complicated without Western 
help." 

Mr. Shcherbakov also said that 
in order to guarantee convertabiJity 
of the ruble in the early phases of 
the changeover, so that foreign in- 
vestors could export their profits, 
the Soviet Union would need a 
fund of S10 billion to S12 billion 
from the West He gave no details 
of how a fund would work. 

Mr. Brady said there had been 
no previous discussion of such fig- 
ures, even in the Gorbachev letter. 

“At some time, obviously, the 
Soviets will need that stabilization 
fund,” the Treasury secretary said. 
“But the reform program inside the 
Soviet Union has to take more 
form, the outlines have to become 
more clear, before that stabiliza- 
tion fund would becomes real pos- 
sibility." 


Eastern Germany Mitterrand Stroll 

Touches Off Alert 


QNmo York 7feaes. adtod by Eugene Moksha. 


46 Tonjt winner for 

47 — — Culp 
Hobby 

48 Appoints 


48' 


— my wrath 
. Blake 


so Bum in 

one’s pocket 

si Certain veggies 


54 Party animal to 
avoid? 

ss Knowledge 
so Whirlpool 
58 Old car 


JReuien 

LONDON — Germany urged 
Japan on Monday to increase com- 
mercial investment in Eastern Ger- 
many. 

Chancellor Helmut Kohl, in 
London for the G-7 economic sum- 
mit conference, called on Japanese 
companies to take a bigger stake in 
onetime state firms now being pri- 
vatized in the east, Japanese offi- 
cials said. 

“If I were a Japanese business- 
man, 1 would immediately decide 
to invest there," Mr. Kohl was 

S ed as idling Premier Toshiki 
u of Japan. The two met for an 
hour before the G-7 meeting began. 

Mr. Kaifu told Mr. Kohl that he 
would pas his appeal to leaders of 
the Keidanren, Japan’s largest 
business lobby group, officials said. 
The Keidanren plans to send an 
investment mission to Germany 
this autumn, they said. 


Reuters 

LONDON — President Fran- 
cois Mitterrand of France arrived 
last for the summit meeting on 
Monday — as is his habit at such 
sessions —after prompting a secu- 
rity alert by taking on afternoon 
stroll in London. 

Mr. Mitterrand arrived on foot 
after other leaders had come by car. 
Security sources said that because 
of concerns about possible terrorist 
attacks, they did not look favorably 
upon Mr. Mitterrand’s walk. 

Die French leader arrived 10 
minutes after President George 
Bush. Summit session gossip has it 
that Mr. Mittenand's practice of 
turning up last at summit meetings 
used to irritate former President 
Ronald Reagan, who never set off 
for the sessions until Mr. Mitter- 
rand’s arrival had been confirmed. 






Page 4 



FlUM Till] IV V» Yak Tunm od TV Wiwlrinurnn Pm 


Finish the Trade Talks 


When Mikhail Gorbachev appears 
Wednesday at the end of the London sum- 
mit meeting of Western leaden, will he 
commit himself to radical economic 
changes? Will be seek Western aid. or just 
advice? And will he offer a specific econom- 
ic program, or mere generalities? 

These are riveting questions. And therein 
lies a danger. As important as Mr. Gorba- 
chev’s visit is, it should not be allowed to 
distract the leaders of the seven major in- 
dustrialized countries from some urgent un- 
finished business of their own. 

The Uruguay Round of international 
trade talks is stalled, and the G-7 leaders 
are mostly to blame. 

The Soviets and the West have been 
talking about a Grand Bargain. But the 
Uruguay Round envisions its own "grand 
bargain." Third World food, clothing and 
textile exporters would gain access to the 
markets of industrialized nations; in re- 
turn, the Third World would accept rules 
protecting investment, copyrights, patents 
and trade in services. 

The bargain makes sense. The U.S. and 
other industrialized countries would gain 
billions in sales now lost to pirating of 
intellectual property. The developing 
countries, according to World Bank esti- 
mates, could double exports of clothing 
and textiles and raise agricultural exports 
by as much as 40 percent. 

The tafts are floundering because the Eu- 
ropean Community refuses to abandon its 
protectionist farm policy. It insists on dump- 
ing surplus food on international markets at 
subsidized prices, robbing Third World 


fanners of their livelihood- Them are other 
disagreements— on rules governing services 
and investment — but the key to progress is 
resolving the agricultural dispute. 

To reach agreement, every country must 
compromise. The Europeans will need to 
ratchet down their farm subsidies; once 
the principle is accepted, the changes 
could be phased in slowly. 

Japan, too, will need to open up its bor- 
ders to food imports, namely rice. For its 
part, the United States will have to take on 
the domestic textile industry, stripping 
away its special protection. 

Chi trade in sendees, the United States 
will have to become less shrilL It might have 
to settle for an agreement on principles — 
such as equal treatment of all trading part- 
ners — whose implementation would be left 
for future negotiations. Thai will not be a 
terrific deal, but it would be progress. 

A successful completion of the Uruguay 
Round will add trillions to the world's econ- 
omies by the end of the decade. But if the 
talks fad, the United States, Japan and Eu- 
rope will be driven to create trade blocs with 
neighbors, limiting access to outsiders. That 
is a prescription for trade wars and conflict 
And outriders to these new blocs, like the 
strug gling democracies of Eastern Europe, 
will be cut off from trade and investment 

A year ago at the Houston summit meet- 
ing, the G-7 leaders committed themselves 
to completing the talks before the end of 
1990. A year later, the talks are still stalled. 
Tbe world, especially its poorest parts, can’t 
afford another year of failure. 

— THE HEW YORK TIMES. 


The Politics of Peanuts 


Not ail farm support programs spend the 
government’s money. Some of the smaller 
ones ask just to borrow its powers. The 
heavily manip ulative peauu ( program is one 
of these. Its secret for propping up prices 
without incurring government costs is to 
limit supply; U.S. production is kept down 
and foreign peanuts oul 
L ast year the system worked too well A 
drought in the southeastern states created an 
artificial domestic shortage and correspond- 
ing sharp price increase. The shortage was 
artificial in the sense that there were plenty 
of peanuts in the world, just not in this 
country. A group of peanut butter manufac- 
turers and other processors, hoping as much 
to discredit the program as to ease supplies, 
petitioned for relief. More than three months 
ago, the International Trade Commission (a 
U.SL not international agency) recommend- 
ed to the president that 300 million pounds 
(13S million kilograms) of foreign peanuts be 
let m. Only now, with the marketing year 
essentially over, has be agreed to let in a third 
that many. He has carefully done the right 
thing too late to matter. 


As a practical matter the straddle is like- 
ly. as straddles often do, to produce the 
worst of both worlds. The modest effecL will 
mainly be felt next marketing year, atop 
what is now expected to be not a shortage 
but a bumper crop. The combination could 
weaken the market enough that the govern- 
ment, having let peanuts in, would be 
forced to buy some up to keep prices from 
falling below support levels. 

That's one of the reasons that the Agri- 
culture Department finally urged the presi- 
dent not to permit the imports. There were 
political arguments against offending the 
peanut producers as welL As a matter of 
symbolism, however, he bad no choice. The 
United States is leaning on other govern- 
ments in the world agricultural trade talks 
to open their markets and reduce supports. 
The peanut program and its cousins, sugar 
and tobacco, are classic examples of what 
the Bush administration (tightly) says 
should be left behind. The president had to 
salute the free-trade flag in this decision. 
But it was a limp salute. 

- THE WASHINGTON POST. 


Prudent Delay on CIA 


The Senate Select Committee on Intelli- 
gence was right to postpone Monday's 
scheduled hearing on Robert Gates's fitness 
to be director of central intelligence. 

Fresh disclosures about the Iran-contra 
scandal demand a careful examination of the 
CIA’s involvement in covering up the scan- 
dal while Mr. Gates was deputy director. 

President George Bush keeps pressing for 
quick confirmation. But a stunning guilty 
plea last week by the official who ran covert 
operations in Central America is reason to 
slow the Senate's rush to judgment. 

In his admission of guilt, Alan Hers said 
one of the CIA officials he told about the 
unlawful diversion of proceeds from the 
Iranian arms sale to the Nicaraguan contras 
was Clair George, Mr. Gates's immediate 
subordinate. Another who knew was Wil- 
liam Casey, Mr. Gates’s boss. Mr. Gates 
was the man in the middle. 

His defense ah along has been to plead 
ignorance. He didn’t know about the sales 
and only learned long afterward, he says. 
He had no need to know. Nor did he want 
to know. But in fact, according to pub- 
lished reports, be was unofficially in- 
formed of the scandal and did nothing. 
That may make him at the very least a 
passive participant in the cover-up. 

The Iran-contra affair was an elaborate 
way of trying to shield President Ronald 
Reagan, die CIA and senior administra- 
tion officials from accountability for “off 
the books" transactions of weapons that 
directly violated the law. 

Those who bad knowledge of the arms 


sales, and allowed Congress to be misled 
about than, revived and exploited the dis- 
credited practice of plausible denial. 

Plausible denial was supposed to allow 
the UJ5- government to disavow knowledge 
of and disclaim responsibility for covert 
operations. Gradually the doctrine took on 
a dangerous new meaning, shielding the 
president from accountability. 

It thus disrupted the constitutional sys- 
tem of checks and balances. Plausible deni- 
al nullified congressional oversight and 
even weakened top-level executive control 
over covert operations. 

If Congress did not have to be informed 
in a timely way, it could not kick up a fuss. 
And busy senior officials could “plausi- 
bly" avert their eyes. 

Accepting Mr. Gates's profession of ig- 
norance without serious scrutiny would de- 
stroy the fine work of a Senate Select Com- 
mittee chaired by Frank Church in 1976. 
The committee looked into intelligence op- 
erations after Watergate and recommended 
outlawing plausible deniaL 

The law now requires the president to 
lake responsibility by approving every op- 
eration in writing and giving Congress time- 
ly notide. In circumventing these require- 
ments, Iran-contra participants broke that 
law and trifled with the constitution. 

Mr. Gates would have the Senate revive 
the dangerous doctrine of plausible denial. 
If it accepts that, the Senate would jeopar- 
dize its constitutional duty to exercise dili- 
gent oversight of intelligence. 

— THE NEW YORK TIMES. 


Other Comment 


What Gains for Gorbachev? 

Will Mikhail Gorbachev’ obtain the mas- 
sive aid — S30 billion a \ear! — (hat his 
Soviet and American advisers seek for him? 
The answer, we know already, is negative. 
And it will remain so as long as three 
conditions, at least, are not met: a clear and 
definitive settlement of relations between 
the Soviet “center" and the republics: a 
radical program of financial reorganiza- 
tion, and the conversion of the Soviet mili- 
tary sector to civilian purposes. 

in the meantime, the seven industrial na- 
tions win respond to what they consider 
pious vows on the future of the Soviet econo- 
my with vague promises, procedural commit- 
ments and some emergency subsidies. 

Does this mean Mr. Gorbachev's suc- 
cess in London will amount to a Pyrrhic 


victory? Not completely. His success will 
have the merit of making the West face up 
to its responsibilities. 

— Le Figaro f Paris}. 

Circumstances don't make it easy for Mr. 
Gorbachev to appear in London with his 
head held high. The guest had to seek an 
invitation himself. The situation of his state 
does not speak Tor creditworthiness. 

— SOddeulsche Zeiiung (Munich}. 

A visit such as Mr. Gorbachev is making 
to London could not have been imagined 
several years ago. We now understand the 
interdependence of our world, the need to 
meet each other halfway. Even a long trip 
begins with the first step. 

— Pravda (Moscow}. 


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t 




TUESDAY, JULY 16, 1991 


OPINION 





By HAGEN a Varies* Gog (Oriot CftWSyn&as. 



For Moscow, a Long Road Ahead 


P ARIS — Like it or not — and 
most of the participants will not 
like it — the London summit meeting 
will be dominated by the Soviet aid 
question and the presence in London 
of Mikhail Gorbachev. 

There are other things for the in- 
dustrial countries’ leaders to discuss: 
lowered interest rates (Washington’s 
chosen topic, but not that of others), 
how to boost a feeble U.S. recovery, 
the dollar exchange rate, trade. AQ 
dull. dulL 

Mr. Gorbachev brings drama: a 
vast economy in crisis, a disintegrat- 
ing political union, threats of mass 
migration, of the progressive break- 
down of one system with the promise 
— only the promise — of the progres- 
sive construction of another. 

But with his call for assistance, Mr. 
Gorbachev offers only uncertainty. 
There can be no assurance that the 
Soviet Union’s great economic and 
political upheaval will have a positive 
outcome, no matter what the western 
industrial nations do to help. 

The challenge conventionally is de- 
scribed as creating a market economy 
in the Soviet Union. The mechanisms 
of the market, however, do not confer 
the economic culture of the market- 
place. which the country is lacking. 
This is the objection to be made to 


By William Pfaff 

aid proposals of the kind offered by 
the Soviet economist Grigori Yav- 
linsky and Graham Allison of the 
Kennedy School at Harvard Univer- 
sity. Their proposals involves a 
schedule of Western financial and 
investment help tied to the comple- 

Not only does the 
Soviet Union lack an 
entrepreneurial 
and commercial 
culture, but there 
is no consumer 
culture. 

lion by the Soviet Union of identi- 
fied stages in political change and 
economic legislation. 

The list of things the Soviet Union 
is supposed to do includes “sharply 
reducing government budget deficits 
and curbing monelary and credit ex- 
cesses;” freeing prices; legalizing pri- 
vate properly; freeing trade; opening 


A Home Remedy lor What Ails the Soviet Union 


W ASHINGTON — Not since the Treaty of 
Brest- Utovsk in 1918 — when Lenin grant- 
ed independence to Georgia, (he Ukraine and the 
three Baltic states, and groveled before Germany 
— has a leader of the Scrriei Union inflicted such 
humiliation on his nation. 

Mikhail Gorbachev pro Lests that he is not “go- 
ing on his knees to begfor money at the economic 
confabulation m London. On the contrary, he will 
rattle his tin cup standing up, even menacingly, 
warning that chaos and war will break out if the 
West does not help Beggar, thy neighbor. 

The Cheat Panhandler will combine his dire 
threat of nuclear anarchy with delicious incentives: 
Give us the investment capital that will permit us to 
convert our arms factories to plowshare production 
— just as you warn. Give us the grain and consumer 
goods to prevent riots in the streets as we permit 
prices to nse in a free economy — just as vou warn. 

Germany, France and Italy, fearful or an inva- 
sion of hungry immigrants, will urge the United 
States and Japan to underwrite the salvation of 
communism with a capitalist face. President 
George Bush will be sorely tempted to take the 
middle way: a little money at first, and with strings 
attached to be nice to separatist republics and to 
encourage glasnost. 

Mr. Rush shows signs of haring given up asking 
if be should help the Soviet leader maintain power, 
he seems to be negotiating only bow much and 
when and under what conditions. If he allows 
himself to be drawn down this path of gradual 


By William S afire 

superpower blackmail, this summer’s summit 
meetings wQl be his Yalta. 

The underlying assumption of government-to- 
govemment investment and government handout 
is wrong. That is their statist way of doing busi- 
ness; it is not our way. If we are to help them at all 
we must first await their realization that the only 
way to attract capital is to offa incentive, and the 
only way to pat rood on the table is to adopt the 
profit motive. 

The way for the Soviet government to prevent 
runaway inflation when it ends subsidies and price 
controls is not to promote a black market for 
Western-contributed consumer goods, but to Iowa 
the “ruble overhang" by selling property to the 
people who now hold the unconvertible currency. 

The way for Moscow to finance the conversion 
of war plants to consumer-goods factories is not to 
beg for loan guarantees; it is to stop wasting assets 
on making tanks and planes and paying a huge 
standing army, and to stop subsidizing Cuba at the 
rate of 54.5 billion a year. 

The immediate cause of the collapse of the 
Soviet economy is the crushing cost of the Red 
Array. Now 30 percent of all Soviet production 
; for arms; U.S. expenditure is 6 percent, and 
it of most everyone else is less than 3 percent. 

The reason for such huge spending was to build 
and police an internal and external empire; appar- 


ently that has been set aside. Tbe only excuse 
Soviet Army and KGB generals still put forward is 
to defend the motherland against a hostile world. 

That excuse, never true, is now an obvious 
absurdity. What nation or alliance would want to 
invade or defeat the Soviet Union? Who would 
want to buy such a headache? The Warsaw Pact 
has dissolved and Napoleon’s route lies open. 

To avoid chaos, to find the money to build a new 
system under private enterprise, the Soviet troops 
most c ome home. Standing army, stand down; you 
are crushing the people you are supposed to protect. 

But if I demobilize tbe army. Mr. Gorbachev 
says, not only do I lose my power base, but 1 will 
have an army of unemployed. If 1 bring home 
troops from Germany, where will they live? 

Answer: Use the money saved on war produc- 
tion on home production. 

Give forma soldiers a piece of land as their 
private property, or stock in a privatized company 
producing consumer goods; homes will gel built as 
never before. Private foreign capital will flow to 
where profit can be made in convertible currency. 

Will the menacing mendicant crashing the Lon- 
don meeting bear this truth from the free-world 
leader? Not likely. Mr. Bush will probably sign a 
communique to permit kibitzing at the Interna- 
tional Monetary Fund, to raid Jacques Attali’s 
Socialist Slush Fund, to form the Spaso House (Ml 
Wildcatters Consortium and to merge the muddy 
waters of Harvard's Charles River with the Volga. 

The New York Times. 


Cambodia : Beijing’s New Role as Peacemaker 


L ONDON — - As all the rival fac- 
f dons iii the Cambodian war pre- 
pared to meet in Beijing on Tuesday, 
it was dear that China has a pivotal 
role to play in any settlement of the 
conflict In 1979. there was much de- 
bate ova whether the Chinese armed 
forces had taught Hanoi a lesson by 
storming across the border into north- 
ern Vietnam after Vietnamese forces 
invaded Cambodia and toppled tbe 
Beijing-backed Khmer Rouge regime. 

China now seems more interested 
in acting as a peacemaker for Cambo- 
dia than in continuing to punish Viet- 
nam. Beijing used its influence to 
help bring about a skeletal accord at 
a recent meeting in Pattaya. Thai- 
land, amoqg the three Cambodian 
resistance groups, including the 
Khmer Rouge, and tbe Vietnam-in- 
stalled government in Phnom Penh 
led by Prime Minister Hun Sen. 
While difficult issues remain to be 


By Michael Leifer 


solved, the four factions managed to 
agree to a cease-fire and a ban on 
arms imports and to move the head- 
quarters of a representative Supreme 
National Council to Phnom Penh. 

The Pattaya accord owes much to 
Prince Norodom Sihanouk, a key 
leader of the resistance who has long 
had dose ties to China. At Pattaya, he 
struck out politically an his own. It is 
significant that Beijing welcomed the 
accord. It suggests that China is pre- 
pared to tolerate an interim settlement 
based primarily on a deal between 
Prince Sihanouk and Hun Sen accept- 
ed grudgingly by the Khmer Rouge. In 
the past, Beijing always sought to rein 
in Prince Sihanouk should be step 
beyond acceptable bounds. 

China’s new flexibility may be ex- 
plained in a number of ways. There 
may have been a reassessment in 


Bei 


eying of the costs of the relationship 
with the murderous Khmer Rouge. 
Signs of an improve m ent in China's 
relations with Vietnam may also have 
helped. The Communist Party in Ha- 
noi has just shaken up its Politburo, 
removing Nguyen Co Thach. whose 
presence Beging regarded as an ob- 
stacle to restoring normal relations. 

Vietnam’s leaden want to proceed 
with economic change while ensuring 
the dominance of the Communist Par- 
ty, which appeared to come to terms 
with the Chinese Communist Party in 
September in a secret meeting in 
Chengdu from which Mr. Thach was 
excluded. The China-Vietnam rela- 
tionship has always been at the center 
of the Cambodian conflict. 

It is possible, in light of the Polit- 
buro changes in Hanoi, that the les- 
son that China inflicted on Vietnam 


in 1979 has been learned. The. lesson, 
was not in the outcome of the mili- 
tary encounter between the two coun- 
tries. The object in 1979 was U> dem- 
onstrate the permanence of the 
geopolitical relationship between 
China and Vietnam. 

Hanoi was able, at great cost, to 
drive out of Vietnam expeditionary 
forces from both France and the 
United States. China, however, is dif- 
ferent 

The meeting in Beijing between the 
Cambodian factions, including the 
Phnom Penh regime installed by Viet- 
nam, may serve as an act of deference 
that China has long sought as the price 
of a new relationship with Vietnam. 


The writer, professor of internation- 
al relations at the London School of 
Economics and Political Science, con- 
tributed this comment to the Interna- 
tional Herald Tribune. 


the country io foreign investment 
with repatriation of profits; terminal- 
ing government investment direc- 
tion' investing in education and in 
transportation infrastructure; creat- 
ing a social safety neL etc. 

It is a list of requirements that the 
other seven countries at (he London 
conference would fail to meet. 

The United States is scarcely a 
model of fiscal discipline, social safe- 
ty provisions, or good public educa- 
tion. France and Japan owe much of 
lhrir success to government direction 
of investment Japan is no example of 
free trade or open markets, nor Brit- 
ain of public infrastructure. 

Even if Mr. Gorbachev and his 
government were able to fulfill these 
conditions, the Soviet Union would 
not thereby become a successful and 
“normal” market economy — not in 
the foreseeable future, anyway. 

Not only is there a lack of entrepre- 
neurial and commercial culture in tire 
Soviet Union, there is, if one can put 
it litis way, no consumer culture. 

The Western market economies do 
not succeed through some mechani- 
cal and universally applicable inter- 
action of individual advantage-seek- 
ing. resulting ineluctably in the 
greatest good for everyone. 

To think that was Prime Minister 
Margaret Thatcher’s error (and con- 
tributed to bringing ha down)! 

It is the mistake made by many 
American conservatives, whose sim- 
ple faith in tbe market’s impartial 
benevolotce is unswayed by empiri- 
cal observation. 

The Western marketplaces func- 
tion because the mass of people in 
Western countries understands bow 
business works and recognizes both 
tire merits and tire limits (rf commer- 
cial relationships, making commerce 
an instrument but not an end in itself. 

Western markets are constantly 
adjusted and their operations modi- 
fied by public and private ^agents, 

by conceptions of tbe well-being of 
society and its noneconomic goals, of 
society's long-term needs and the 
prudent trade-offs of public and pri- 
vate interest. 

This is a function of government 
and politics, but also of a complex 
public dialogue and debate that con- 
stantly goes on in the Western coun- 
tries. shaping not only the public 
agenda but society's conception of 
national interest and national pur- 
pose. This dialogue has only just be- 
gun in Soviet society, after 70 long 
years of a terrible silence. 

My argument thus is not against 
aid for Mr. Gorbachev. Nor is it that 
aid should not be conditioned upon 
political concessions and structural 
change. It is simply that to join the 
modem economic world, the Soviet 
Union — or Russia, the Ukraine and 
the other Soviet republics, individual- 
ly — must become pari of that mod- 
em world in its huge sensei 

Peoples' who did not experience, 
the Renaissance or Enlightenment,’ 
or the Industrial Revolution, or a; 
successful political revolution, who 
have not known mass democracy 
until now, whose social traditions 
are communal rather than individ- 
ualist, must make a vast and painful 
accommodation to a Western indus- 
trial civilization that is the product 
of all these things. 

This is not accomplished through 
foreign aid or by carrying out limited 
economic or political programs. 

It represents a cultural transforma- 
tion that certainly is not impossible, 
but is inconceivable as a short-term 
affair. Everyone must be prepared to 
live with a Soviet society in upheaval 
for a very long time to come. Aid to 
this society can only be a palliative, 
not a solution. 

International Herald Tribune. 

© Los Angeles Times Syndicate. 


Quick Action in Iraq 
Can Stave Off Famine 


By Jean Mayer 


M EDFORD. Massachusetts — 
At the request of Unicef 1 
sent Robert Russell, a physician 
who specializes in nutrition, and 
John Field, a professor of nutrition 
who has completed a book on fam- 
ine. to Baghdad and southern Iraq 
on a 10-day fact-finding mission. 

What these Tufts faculty mem- 
bers learned in June contradicts 
published reports about wide- 
spread famine but points out the 
potential for a serious situation if 
action is not taken. 

Iraq is not experiencing famines 
such as those in Sudan and Ethio- 
pia. The food situation, which can 
be remedied with immediate assis- 
tance administered by the United 
Nations and paid for by Iraqi oil. is 
not likely to turn into a full-blown 
famine. 

Drs. Field and Russell report 
that food, apparently traded for 
Iraqi oil. is arriving from and that 
Baghdad’s food supply appears to 
be nearly normal and requires no 
extraordinary measures. 

Tbe situation in the south is 
more serious: The cost of baric 
foods, such as milk and rice, has 
risen 4 times to 20 times since the 
war. A 50-cent tin of milk now 
costs S10. Nearly half the 680 chil- 
dren up to age 5 they examined in 
Basra and 12 neighboring villages 
were suffering from chronic mal- 
nutrition. 

The need to repair water and 
sewage-pumping systems is even 
more urgent than improving the 
nutrition situation. Electrical pow- 
er plants, which provided pure wa- 
tcr and sanitation before being de- 
stroyed during the war, arc only 
beginning to function again. 

The doctors found that nearly 8 
percent of the children over the age 
of 1 were severely malnourished. 
Nearly half the children they ex- 
amined showed severe stunting: A 


9-year-old Iraqi is as tall as a well- 
nourished 6-year-old elsewhere. 

Drs. Russell and Field observed 
severe wasting — which, unlike 
stunting, can manifest itself in a 
few months — in 30 percent to 40 
percent of the children examined. 

A typical 3-year-old, who should 
weigh about 30 pounds (13 J kilo- 
grams), weighs 10 pounds — a 
good weight for a 6-month-old. 

The stunting and wasting prob- 
lems. the doctors say, were aggra- 
vated by the Gulf war. But (hey can 
be traced primarily to the Baghdad 
government's long history of indif- 
ference to the Smites. In their re- 
port. Drs. Russell and Field will 
recommend that Unicef and other 
UN agencies help Iraq develop an 
early-warning system to detect im- 
pending famine. The report will 
recommend that community 
health centers in southern Iraq be 
supplied with calorie-dense, pro- 
ldn-rich foods for children suffer- 
ing from malnutrition. 

Because Iraq's crops were de- 
pendent on irrigation systems that 
were destroyed in the war and tbe 
country reties excessively on im- 
ported food, the doctors will rec- 
ommend that Unicef help 
strengthen Iraq's agricultural sys- 
tems. 

These and other recommenda- 
tions for assistance if acted upon, 
will ease the chronic malnutrition 
in southern Iraq. But it is impera- 
tive that, while Iraq should pay for 
help, all programs be fully under 
UN and Unicef control. 

To allow Saddam Hussein and 
the government to control relief 
efforts would consign Iraq's chil- 
dren to a lifetime of malnutrition 
and neglect 

The writer, the president of Tufts 
University, contributed this comment 
to The Sew York Times. 


All the Mideast Hostages Are Wailing 


N EW YORK. — A flurry of activ- 
ity in Iran and Israel indicates 
that the Middle East hostage crisis 
may be ending. It is Tehran, antici- 
pating a renewed now of Western aid 
and credits, that is most eager to 
break the stalemate. 

There have been several false 
dawns in the six years since gunmen 
seized the American journalist Terry 
Anderson on a Beirut street. Many 
others joined him in captivity. 

Hopes for their release were 
dashed four months ago when negoti- 
ations collapsed ova demands for 
ransom and sanctuary for the hostage 
takers. That issue apparently is being 
resolved in current negotiations. 
Iran, meanwhile, has quietly played 
down financial claims against the 
United Slates, another sticking; point. 

The complex, carefully orchestrat- 
ed swan scenario includes “insurance 
clauses built in at each stage. Vari- 
ous groups in Lebanon would release 
all the Westerners and captured Is- 
raeli servicemen they hold and the 
remains of those who died in captivi- 
ty. Israel and the South Lebanon 
Army would free several hundred 
Shiite and other Lebanese detainees. 

The Westerners have been kept in 
chains, deprived of light and compa- 
ny and subjected to mock executions. 

Israel's servicemen have been held 
in solitary confinement for years, in 
gross violation of the Geneva Con- 
vention on the Treatment of Prison- 
ers of War, neither their whereabouts 
nor (heir condition is known. 

The prisoners under Israel's control 
are being held without a scintilla of 
legal proems. A Shiite deric, Sheikh 
Abdd Karim Obeid. was kidnapped 
from his home in southern Lebanon in 
1989 by Israeli paratroopers in a failed 
ploy to engineer a swap. 

What stands between tbe captives 
and freedom? Some have held out for 
unattainable proofs and guarantees. 
To insist, say, on recovering a body 
buried nine years ago during a civil 
war can only create an impasse. 

Where feasible, proofs and guaran- 
tees should be quickly furnished. The 
Iranians should facilitate a visit by 
the Red Cross or another neutral par- 
ty to Ron Arad, an Israeli navigator 


5 


and Eric Goldstein 


shot down ova Lebanon in 1986. of 
whom nothing concrete has been 
heard for two years. 

Hezbollah, or Party of God, the 
Iranian-backed organization believed 
to be the kidnappers’ umbrella group, 
should grant independent observers 
immediate access to its hostages, 
both to reassure their families and 
governments and to establish their 
availability for a prompt exchange. 

The six remaining Americans are 
believed to be alive, but Mr. Ander- 
son and Aiann Steen, an academic 
seized in 1987. are reportedly in ex- 
tremely poor health. 

Israel should allow neutral parties 
to visit its Shiite prisoners. 

There are good reasons not tocapit- 
ulate to terrorists by releasing prison- 
ers being held on legitimate charges. 


That is not the case:’ Hostages would 
be exchanged for hostages. 

The hostage-taking era may be ova. 
but the victims remain in chains. 

For the Bush administration ibis is 
not an easy moment. It is beset by 
renewed controversy over the Iran- 
contra scandal and ova whether the 
Reagan campaign struck a deal with 
Iran in 1980 to delay the release of 
U.S. hostages until after tbe election. 

But if this opportunity is to be 
seized, the White House cannot fear 
ghosts of the past. President George 
Bush must recognize that partial so- 
lutions can only Tail and must active- 
ly support the liberation of all cap- 
tives by all rides. 

The hostages are waiting. 


Anne Nelson is executive director of 
the Committee to Protect Journalists. 
Eric Goldstein is research director of 
Middle East Watch. They contribute 
this comment to The New York Times. 


CV OUR PAGES; 100, 75 AND 50 YEA«S ACO 

er strong wedge of men in khaki fur- 
ther into the German front. The line 
of battle extends along the seven- 
kilometer from from Pozitres to 
Guillemont. where the British pene- 
trated into the enemy's third line. Tbe 
whole of the Deiviile wood, strongly 
organized by the enemy and forming 
one of his principal points of support, 
was carried after German resistance 
was worn down by the stubborn ifr 
nactiy of the British troops. The Ger- 
raan dead encumber the ground and 
dot the tangled-wire defenses like 
flics in a spider's web. 


1891: Cholera Outbreak 

CAIRO — The cholera is officially 
reported to be raging at Mecca. To- 
gether with typhus it is causing great 
havoc among the pilgrims. The gov- 
eminent is taking every precaution to 
prevent an outbreak here, and all the 
steamers from Jeddah have to under- 
go quarantine. A telegram has been 
recaved in Trieste from Aden stating 
cholera has broken out at Massowah 
among the natives, and that in one 
house all the inmates died. This house 
has been burnt down. The heat is 
intense, the thermometer standing at 
102 deg. These reports are; however, 
officially denied in Rome. 

1916: German Front Hit 

PARIS — After all-day and all-night 
fighting in which British cavalry 
charged the enemy Tor the first time 
since the battle of tbe Marne and the 
Aisne. Britain's splendid army has 
again hurled back General von Ein- 
em’s picked troops and driven anoth- 



1941; No Smoke f< 

PARIS — [From our New 1 
non:] Because of the tobao 
age. it was decreed that all 
must register at the tobacco 
war choice and make fut 
chases there, but, since wc 
forbidden to register, they 
barred hencefordi from buy 
reties. The authorities ruled 
stores must close two days a 




rMnan'Tfcii tea ata 




OPINION 


From Police and the CIA, 
More Fodder for Cyni cs 


By Haynes Johnson 


W i !S^^ N s ^ tl !f-f? ncday forever President Ronald Reagan's claim 


commit vio 


a] police 
iolence 


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officers routinel 

against dtizeiis anti bow swne higb-rank- 
tng_ U-S. government officials repeatedly 
ueuiswtmtestiinoi^tokeepenibamus- 

mg mfonnation from becoming public. 
Its enough to mate already distrustful 
ataxas moat cynica] about the woriongs 
of government and already suspicious 
conspiracy buffs more certain about offi- 
cial fi nan& tmg and cover-ups. 

In Los Aqgdcs, a danxomg report laid 
bare a culture of pervasiye nwW > and 
abuse, of office operating unebedted in 
*** P^“* department Woise, the inde- 
pemtent commission study found that 
violent police acts against Chilians often 
drew praising evaluations from superiors. 

The most dismaying aspect of the 
fi ndin g is the boldness wito which po- 
lice officers regularly made public re- 
cords of their bias and, more startlin gl y, 
even of actual transgressions. Among 
records of typed computer messages 
passed among police officers in patrol 
cars and their dispatchers is this incrimi- 
n a rin g verbatim exchange; 

• “I’m gping town this guy.” 

• “Haaaaaa . . . you're so 
bad ... u curie u ... nl be back. I’m 
going to do it.” 

• “I obviously didn't beat guy 
enough. He got right back up and is still 
being obnoxious.* 


limited to a few people. Mr. Fiers admil- 
tea m a plea bargain that be told higher 
of rida ls about ch version of funds to tbc 
contras from secret sale of US. arms to 
Iran months before thea-Attorncy Gen- 
eral Edwin Meese 3d that the 

administration first learned of it. 

Mr. Fiers said Oliver North had told 
him of the diversion in the summer of 
1986. Mr. Fiers said he had passed this 
to his immediate CIA superior, who 
quickly instructed him “to report this 
information immediately” to Clair E. 
George, the agency’s deputy director for 

operations and third-ra ntin g official. 
“Now you are one of a handful of people 
who know this," Mr. Fiers quoted Mr. 
George as telling him in the govern- 
ment s statement made public on July 9. 

Thai November, on the same day that 
Mr. Meese gave his now-famous white 
House news conference revelations about 
the diversion — or diversions about the 
revelation — Mr. Fiers appeared before 
the Senate intdligeDce committee and 
denied knowing about the diversion of 
funds. “The first I knew of it was on 
CNN today, and that is the first that 1 



For Summer Reading 9 
News Made in the Shade 


By Anna Qnindlen 


N EW YORK — Reporters and edi- 
tors have traditionally used reader 
inattention as an excuse to take long 
vacations during July and August 
We have promulgated the fiction that 
in the summer months, people are avail- 
able to read only paperback bodes that 
can be left out on an Adirondack chair in 
the rain: books about carnivorous sea 


MEANWHILE 


creatures, books about serial kHiings with 
Satanic overtones, books about the glam- 
orous and cutthroat world of big cosmet- 
ics with sentences that begin, “Hts tanned 
hands moved over her body, the fingers 
warm and sensitive as isotopes . . ." 

This is nonsense. People read in the 


counts as an international incident. 

The women at the newsstand were 
irate and repdled. (Anyone who has 
actually been in Ms. Moore’s condition 
will be less struck by her nudity than by 
the fact that she is miraculously retain- 
ing no water in her ankles.) 

A heated discussion ensued of the pro- 
priety of such a magazine cover, a discus- 
sion ironic in light of the magazines with 
Much this one was sharing newsstand 
space. Orgy World among them. 

The newspapers wrote of Demi's nu- 


dity. They also wrote of the murder 
xl who* 


know that the agenw knew of it,” he said. 

Mr. Fiers also atfatiHeri lying to Con- 
gress about the North resupply opera- 
tion to the contras that had resulted in 
the downing a month earlier of a cargo 
plane and capture of a U.S. operative, 
Eugene Hasemus. Mr. George ordered 
Mr. Fiers not to admit knowledge of 
that operation because, in the words of 


the conn statement, “it would *pnt the 
spotlight’ 00 the administration and 
thus reveal lieutenant Colonel North’s 
involvement in the operation.” 

Mr. Fiers said he and Mr. George 
bad also lied to the House intelligence 
committee that was investigating the 
downing of that aircraft. Asked who 
owned the plane, Mr. George told the 


panel: “1 have no idea ... except what 
I read in the paper.” 

Americans can take comfort in the 
work of Los Angeles investigators and 
Iran-contra prosecutors because rogue 
operations have been exposed. But more 
and more remedial action, is 
before public trust is restored. 
The Washington Post 


summer, even newspapers. They amply 


LETTERS TO THE EDITOR 


The u na s h a m e d nature erf these mes- ... __ 

sages strongly suggests the offices were MalldOOS MjOBM 
convinced that they wouldn't be repri- * 

mantled and thai their actions and atti- 
tudes were condoned by higher authority. 

While this news was being disseminat- 


ed nati 
contra 
idence 
the 


r , the latest turn in the Iran- 
al brought the strongest ev- 
of a widespread cover-up at 
levels of the Central Intelli- 
„ icy — and perhaps above, in 
Reagan administration. 

The sworn admissions of Alan D. 
Fien, who headed the CIA’s Central 
American Task Force when illegal Iran- 
contra activities were occurring, shred 


Regarding the editorial “Yugoslavia 
Can Save Itself" (June 28): 

The sentiment that Croats and Slo- 
venes are trying to secede because “of 
entrenched ethnic hatreds” and because 
“they are richer and have convinced 
themselves that they will fit comfortably 
into Western Europe” is an exemplar erf 
political ignorance and malicious myo- 
pia, unfortunately too common in the 
West when it comes to Yugoslavia. 

In fact, Slovenia and Croatia are 
merely trying to escape the deadly 


choking embrace of the Communist re- 
gime in Serbia, which, having control 
over the military, has adopted means of 
maintaining dominance rn the best to- 
talitarian tradition. 


KSENUA MARINKOVIC 
Santa Monica, California. 


Snntum Marches On 


President George Bush says that his 
chief of staff, John Sununu, apologized 
for all those free trips by saying, “If 
mistakes were made, 1 made them." But 
an apology is not supposed to start with 
“if”; its purpose is to ask forgiveness or 


express regret, not to refer vaguely to the 
wisp of a possibility. 

This is vintage Sununu — the whole 
army is out of step but me. For any 
nonpolitical person, such behavior 
would be recognized for what it is: That 
of an envious little boy in a man’s suit, 
wanting power and attention. 

LAWRENCE R. GORDON. 

Los Angeles. 


Olympics in Barcelona are the 
theOlyi 


Hospitality Is Not Enough 


it Of 

the Olympic organizers’ problefiS*Tbe 
major roads into and around Barcelona 
are not clearly marked, and in the city, 
it is almost impossible to find your way 
out, especially around the stadium, 
where signs are nonexistent The road 
heading south 10 Siiges, where many 
tourists will end up staying, is stil] un- 
der heavy construction. . 

Although Spain is a most hospMSUe 
country, one can only wonder what 
thought went into choosing this ate. 


Let’s be realistic. The shortage and 
high cost of hotels for the 1992 Summer 


DIANE CANDY. 
Stockholm. 


read differently, just as they eat 
ernly. In winter people eat stew and 
mashed potatoes, ana in summer they 
eat chicken and potato salad. 

It is the same with summer news: 
mozzarella and tomatoes and read all 
over. Pet cemetery scandals. The Fourth 
of July. The eclipse. 

If I had made a bet about when Don- 
ald Trump would break up with Marla, 
and when Donald Trump would give 
Maria an engagement rmg — “And, 
Rhett, do buy a great big one," as Scar- 
lett O’Hara once said — I would have 
bet some time between Memorial Day 
and Labor Day on both counts. 

There has always been speculation 
that Saddam Hussein invaded Kuwait in 
August because he knew that invasion is 
a November kind of stray. He had for- 
gotten that he was the Bving embodi- 
ment of Satan. Satan stories have sum-, 
mer written all over them. 

Tina Brown, who is the P.T. Bamum 
of the magazine world, obviously knows 
all this. 

This week at a newsstand three women 
were arguing over the cover of the maga- 
zine Ms. Brown runs, which is caned 
Vanity Fair. There is a kjvdy photograph 
of the actress Demi Moore. She is beauti- 
ful, quite pn^nant, and nude. In July, this 


suspect who escaped from the Brooklyn 
House of Detention; be fooled authori- 
ties by arranging pillows beneath his 
blanket to simulate a sleeping person, 
thereby proving that it is easier to scam 
prison guards than your mother. 


They wrote of the New England Jour- 
nal of h 


Medicine, in which a doctor re- 
vealed (he case of the woman who has 
seizures Mien she hears the voice of Mary 
Hart an “Entertainment Tonight." 

This is a sure-fire summer story, a silly 
thing from a reputable source, like 
watching the president do the limbo. 
You will notice that the Clarence Thom- 
as story has taken a decidedly lively turn 
with the revelations of college pot smok- 


ing, the most humanizing thing I have 
s so far. 


heard about Judge Thomas 
Of course, be regrets it and be only 


Of course, be regrets it and be only 
had a puff or two. The big breakthrough 
in drug-use confessionals for public offi- 


cials win come when they can admit to 
buying rolling papers, although they will 
have to add that they did not enjoy 
buying them. This will take place during 
some future August. 

Quotas and the rights of the accused 
are for colder months, when our minds 
are chattering but marijuana has that 
nice leisurely warm-weather feeling to it. 

Some issues, of course, are timeless, 
like the European Community. Look 
next summer for the stray in the New 
England Journal of Medicine about a 
town that developed narcolepsy watching 
a PBS documentary on the Eurodollar. 

The New York Times. 


INTERNATIONAL RECRUITMENT 


<♦> 


CENTRE FOR 
THE DEVELOPMENT 
OF INDUSTRY 


(ACP-EEC Lome Convention) 



CDI aims to reinforce and create viable and mainly small and 
n^dhun-sized industrial units in 69 African, Caribbean and Pacific 
(ACP) countries. It achieves this mainly through balanced partner- 
ships between European and ACP companies, especially in the 
private sector. CDI is now recruiting experts for its operational 
divisions. 


The working languages are English and French and the desired 
maximum age is 35 years. 


Applicants should have a university level education or equivalent, in 
engineering, economics, finance, management or commerce, as 
well as at least 5 years experience (preferably acquired in both 
ACP and EEC States) in an industrial enterprise, consultancy firm, 
development bank/institution or professional association. They 
should also be nationals of one of the signatory States of the Lome 
Convention. 


The place of assignment is Brussels and salaries and benefits are 
comparable to those offered by similar international institutions. 


Interested candidates should initially contact CDI for further details 
and conditions and ensure that their completed applications reach 
us bv 2 September 1991. 


For candidates wishing more detailed information about the vacan- 
cies, they may find it published in the “Courier”, Volume nr. 128 of 
July/ August 1991. 


Director of CDI 
28, rue de [’Industrie 
B - 1040 Brussels 
Belgium 


Tel.: (33 2) 513.41.00 
Fax: (33 2) 511.75.93 
Tlx.: 61427 edi b 


MONTPELLIER 

eur<l3>cite 


Developpez 
le World Trade Center 
de Montpellier 


Le World Trade Center "EUROPA" a ('ambition de concretiser la vocation 
international de la ville de Montpellier pour devenir one veritable EUROCITE 
jouant un r 6 le important en Europe du Sud. La structure de pestion du WTCM 
associant partenarres prives et publics, recherche son : 


Charge de Mission 


Dans la premiere phase (18 mois), vous 
aurez la responsabifiie de la pr£- 
commercialisarion du WTCM. de la 

definition et du choix d« services a oflrir 
aux entreprises. Vous melirez en place 
une structure de gestion et d'animalion. 

Vous serez egalement I'inlerlocuteur 
privilege des different? inlervenanis 
publics et prives.- 

fn f'emetion du succes de cede premiere 
phase, vous assurerez la direction du 
WTCM. _ 

^ PSYNERGIE 


A 35/45 ans. diplome de I'enseignement 
supfrieur, trilingue, vous avez une 
-experience significative du commerce 
international si possible a I’etranger. 


Merci d'adre^ser sous ref.1 20A lettre 
manuscrite. CV, photo e( pretentions a 
noire Conseil PSYNERGIE. L’Alrium, 65U 
avenue de Montpellier, 34970 LATTES. 
Confidemiaiiie assuree. 


HtONTPULlta 
MA K5HLLf 
PAMS 


Customer Services Manager 


High profile role for fluent Arabic speaker 

Attractive Tax Free Salary Saudi Arabia 


This successful and well established 
Saudi-owned company is the largest 
producer of consumer and industrial 
packaging in the Middle East Currently 
looking to expand and strengthen their 
management team, they now seek a fluent 
Arabic speaker for this senior appointment at 
one of their key production subsidiaries. 

As Customer Services Manager, you and 
your twelve-strong team win work closely 
with the manufacturing, sales and marketing 
functions to ensure the highest standards of 
customer satisfaction are maintained at all 
times. The prime interface between the 
company and its customers, you will spend a 
considerable amount of time visiting 
customer sites and, In addition, will carry out 
the planning and co-ordination of production 
work and finished goods delivery. 


Probably a graduate, you will have a 
thorough understanding of sales and 
marketing, combined with excellent 
communication, planning, interpersonal and 
-leadership skills. A knowledge of the 
packaging industry and the manufacturing 
processes involved is desirable, and you 
must have dose, first-hand experience of the 
Middle East and its culture. 


The attractive taxTree salary is supported 
by an incentive scheme and a full range of 
expatriate benefits including housing and 
transport allowances, medical insurance and 
annual leave with paid air fares for yourself 
and your family. 

Please write - In confidence - with full 
career details to Ghassan Yazigi, Refcl337/2. 
MSL Group Limited, 32 Aybrook Street, 
London W1M3JL. 



Consultants in Search and 


We are looking for 

4 NDT Technicians 


Qualification: either PCN 
(Personal Certification for 
Non-Destructive Testing f 
atleveUiorERS (Brit Gas 
Energy Research Station) 
in Radiography-Ultrason- 
ic-Magnetic Particle 
Inap. -Dye- Penetrant 
Insp. 


(Piping Inspector 

Qualification: HNC level 
in Mechanical Engineer- 
ing or equiv. 


Place of Work: 

United Arab Emirates. 
Duration of contract; 
approx. 5 years. 


Please contact 
Vienna, Austria, 
Tel.: (1) 7132300. 
or (!) 934706 


VICE PRESIDENT, PROGRAMS 


Winrock International, a leading nonprotit agricultural and rural develop- 
menl tirm, is seeking a Vice Praadenl. Programs, lo plan program devdlop 
merit, Implement strategies, and provide leadership and guidance lo 
nd managers. Ph. D. in agriculture, natural resources, lerestry, 
1 ana minimum 10 yeare experience man- 


or rural social 3rience required i__. .... . 

aging agricultural research or development programs, including a years 
in a developing country. Salary commensurate w/experience Excellent 
benefits. 


Send cover letter, resume, and 3 wterencss by August 31 to 


Susan Dewey 

Routs 3, Bax 376, Momhon, Arkansas 72110-9537 TJSA 


WINROCK INTERNATIONAL 

Institute for Agricultural Development 
AA/EO employee women and mmortries am encouraged to apply. 


JOBS IN EUROPE 

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Page 6 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JULY 16, 1991 


These Canada Eskimos Hunt Superpower Subs , Not Caribou Croatians Accuse 


By William Gaibome 

Washington Past Strike 

SACHS HARBOUR. Northwest Territories — 
Armed with his World War I-vimage Lee-Enlield 
rifle and a toll-free 800 telephone number to call if 
he spots a Soviet or American submarine breaking 
through the ice of the Beaufort Sea, Paul Raddi, a 
Canadian Ranger, is in the first line of defense of 
Canada's sovereignty over the ^million-square* 
mile Arctic archipelago. 

"They said don't shoot at it. bat just to call 
Yellowknife,” said Mr. Raddi, 30. an Eskimo whose 
livelihood comes mostly from hunting polar bears, 
musk oxen, caribou and wolves around Banks Is- 
land. “I guess we’re son of like watchers.” 

Banks Island is a community of 130 Eskimos 300 
miles (about 490 kilometers) northeast of the Cana- 
dian mainland town of Inuvik. 

Mr. Raddi is one of 12 Eskimo Home Guard 
Rangers on the island and among 120 spread across 
the archipelago through which runs the Northwest 
Passage, an Arctic waterway that Canada has long 
claimed as territorial waters. To Canada's dismay, 
this northernmost part of the globe has long been a 
frontier in superpower confrontation, with U.S. and 
Soviet submarines playing cat and mouse beneath 
the polar ice cap. 


Rangers said in interviews that they had been 
shown slides or Soviet and U.S. submarines for 
identification purposes — but (hat they had not 
spotted any yeL 

With only a handful of Canadian Army soldiers 
stationed above the Arctic Circle, the Eskimo Rang- 
ers represent, in effect, a Canadian political state- 
ment by that the Northwest Passage is sovereign 
Canadian territory and not part of international 
waters, as contended by the United States and most 
other countries. 

The roots of the most recent dispute go back to the 
summer of 1985, when the U.S. Coast Guard ice- 
breaker Polar Sea sailed through the passage without 
seeking the approval of the government of Prime 
Minister Brian Mulroney, which had nude clear it 
would have given its approval if asked. 

In response, Canada made, and then abandoned, 
plans to build a fleet of 10 attack submarines to 
patrol the Arctic. And, after the Pentagon released 
photographs of three U.S. submarines surfacing at 
the Norm Pole in 1986, a Canadian government 
policy study group proposed that Canada consider 
minin g the deep-water Arctic channels to establish a 
peacetime “keep-out zone." 

Eventually the Reagan administration agreed to 
allow Canadian observers aboard and to ask permis- 


sion before sending vessels through the passage, and 
Ottawa tacitly agreed that such permission would 
routinely be granted. 

Although the dispute was officially buried, Cana- 
dian officials say they remain convinced that U.S. 
and Soviet subsurface vessels continue to ply the 
waters of the archipelago without permission, and 
that there remains a need to protect Canadian claims 
to the Arctic by way of a token military presence. 

As a result, the Rangers, a supplementary reserve 
force that has been in existence since World War I, 
has been vastly expanded in the lost year, growing, in 
the Yukon, from a 10-man patrol based in Old Crow 
to six patrols in the territory. The force is made up 
mostly of Eskimos, who are called Inuvialii in the 
western Arctic and Inuit in the eastern Arctic. 

“How do you establish sovereignty if you don’t 


have a physical presencer asked Major Gary D. 


Lind, commandant of the raninfan Forces Yukon 
detachment, in an interview at his headquarters in 
Whitehorse, the territorial capital. 

Besides providing a government presence in the 
far north. Major Lind said, the paramilitary Rangers 
occasionally are used to guide regular army forces on 
Arctic exercises; to assist in searcb-and-rescue oper- 
ations; to help map and chart the vast Arctic 
reaches, and to supplement Royal Canadian Mount- 
ed Police patrols in emergencies. 


Each of the volunteer Rangers is issued a Lee- 
En field .303-caliber bolt-action rifle, a red baseball 
cap and parka with the Canadian Rangers emblem, 
wind pants and the toll-free number in Yellowknife, 
capital oT the Northwest Territories, to call in case of 
emergency. 

Hey receive 10 days of training in rudimentary 
rifle drill, although most Eskimos already are skilled 
marksmen as a result of their subsistence hunting. 
And they are taught map-reading skills. When com- 
missioned in the Home Guard, they are paid 55 
Canadian dollars (S48) for each day they are called 
out on active duly. 

“These guys really know the terrain, and there's 
nobody better at survival in the Arctic,” said Major 
Lind, one of seven army soldiers who remain with 
Lhe Yukon detachment through the winter. “They’re 
great to have around.* 1 

Clarence Rufus, a Ranger, said he had been told 
by his Canadian military instructor that last year a 
Ranger in Cambridge Bay, on Victoria Island, east 
of here, fired a few rounds at an unidentified subma- 
rine that briefly surfaced through the ice. 


200 


When asked why he had been issued a rifle and 
0 rounds of ammunition, Mr. Rufus replied: “If 


you walk up to a guy and have a gun, he’ll listen to 
you. If you don’t have a gun, maybe be won’t listen.” 


Is Business Kaput in K-Town? 

As GIs Leave, German City Wonders Who Will Eat Tacos 


By Marc Fisher 

Washington Past Semce 

KAISERSLAUTERN, Germany — Business at the 
Hacienda restaurant, a rare outpost of Mexican cook- 
ing in Germany, dropped like a stone during the Gulf 
war. The U.S. soldiers who ordinarily bring in their 
families were either fighting in the desert or tucked 
inside bases here, deterred by the threat of terrorism. 

Like dozens of other business people in the area, 
Ann MackinJay and the other Hacienda managers 
surveyed their empty dining room and decided it was 
time to face the future. After 45 years of a U.S. 
military presence so large that the region is known os 
Little America, Kaiserslautern is becoming Germany 
again. 

“We’ve started greeting everyone in German now," 
Mrs. Mackinlay said. “Even our waitresses have to 
speak German. And we’re teaching Germans bow to 
eat Mexican food. Because if we don't develop the 
German market, if everyone around here doesn’t, then 
an awful lot of businesses are going to go down." 

In the biggest shutdown of U.S. facilities since the 
end of World War it the 304,000 army and air force 
personnel in Europe as of last summer are to be 
reduced to 220,000 by late next year. And more cuts 
are coming, reportedly to a level of 175,000 by 1995. 
Proposals from outside the Pentagon have recom- 
mended keeping as few as 75,000 Americans in 
Europe. 

At many U.S. bases In remote areas of Western 
Germany, cuts mean pulling down the flag, giving the 
land back to the Germans and heading home for good 
The army announced that 96 units based in Germany 
would leave by the end of this year. 

For every unit that departs, a piece of the vast 
American infrastructure supporting troops here is 
dismantled as well. Last month, Ulm High School 
became the first Department of Defense high school in 
Europe to shut, graduating a final class that included 
students who have never lived in the United States. 

No one is talking about evacuating Kaiserslautern, 
home of the largest U-S. air base in Europe — one that 
served as the main transit point for the Desert Storm 
deployment But cuts are coming here, too. and for 
businesses like the Hacienda, providing such Ameri- 
can touches as ice water and “buffalo" wings — spiced 
chicken wings — will not do much to attract a new 
local clientele. 

Kaiserslautern, an hour from the French border, is 
an area of 200.000 people. 70.000 of whom are Ameri- 
can. About 1 1,000 more Germans work in the 3.500 


UJS. military buildings, which makes the army and air 
force the largest employers in the region. Mayor Ger- 
hard Pioniek said eyeiy fifth job in Lhe region is 
dependent on the military, which pumped an estimat- 
ed SI. 5 billion into Lhe local economy Iasi year. 

This is the only place in Germany where movie 
theaters show American movies in English only, with- 
out the usual dubbing. The off-base McDonald's takes 
dollars or marks. Kaiserslautern has a classic Ameri- 
can suburban shopping strip, lined with video stores, 
fried chicken joints, ice cream parlors, a Pentecostal 
church and car dealerships selling autos with U.S. 
specifications. 

U-S. residents have given Kaiserslautern a name 
that even Gentians accept: K-Town. 

Nearly the entire K-Town strip would be wiped out 
if a substantial portion of the U.S. troops here went 
home: “O.K, one of the McDonald’s would remain C 
the mayor said. “But the other two will go kapuL And 
all those car dealerships — senseless without the 
Americans." 

Cindy Young, manager of U.S. Military Video 
Shop, a private chain or more than 50 rental shops 
serving U.S. forces in Europe, said her business would 
shrivel up instantly without the troops. Mrs. Young, 
whose husband is in the air force, said rumors and 
worries about cuts dominated conversation among 
Americans. 

“Some of the men don’t give their full because they 
fed the military isn’t giving full back.” she said. “The 
miliiaiy is holding back on information because they 
don’t want us to panic. But that just leaves us with 
rumors." 

In fact, commanders are often powerless to help, 
because they have only scanty information them- 
selves. 

Because Kaiserslautern acts as administrative and 
technical headquarters for so many units, it is likely to 
be among the last places to suffer heavy cuts. But even 
so, the many administrative offices are under a direc- 
tive to cut staff by 38 percent in three years. 

“Of course there’s anxiety," said Brigadier General 
Richard T. Swope, commander of both the Kaiserslau- 
tern Military Community and the air force’s 86th 


Fighter Wing. “There ouglu to be. We're suffering thet 
anxiety that conies from our own success: The wall 
didn’t fall of its own weight, but because of -the 
capability of our forces and our short-range nudear 
missiles." He was referring to the Berlin Wall. 

“All that means we can now have fewer folks here. 
Naturally everyone wants to know if his job is safe." 



Mkbd ProM'&ewer. 


TRIUMPHAL RETURN — Workers in Berlin on Monday securing the standard of the 
Quadriga of Victory, the goddess in a chariot drawn by four horses that stands atop the 
Brandenburg Gate. She had to be renovated after being damaged by revelers in December 1989. 


Zambians Pelt 
Kaunda’s Car, 
Cheer His Foes 


The Associated Press 

LUSAKA, Zambia — 
Crowds pelted President Ken- 
neth Kaunda's motorcade 
with stones and garbage as he 
arrived at the Africa Cup of 
Nations soccer match and 
cheered opposition politicians, 
witnesses reported. 

The Monday issue of the 
Times of Zambia, the stale- 
controlled newspaper, de- 
scribed the incident as unprec- 
edented in Mr. Kaunda's one- 
party rule over the last 27 
years. 

Throughout the match, 
which President Kaunda 
stayed to watch, opposition 
supporters raised thumb-and- 
forefinger salutes, (he sign of 
the opposition Movement for 
Multiparty Democracy, and 
chanted pro-democracy slo- 
gans. 

President Kaunda, 67. has 
ruled this former British colo- 
ny since independence in 
1964. 

Multiparty elections, the 
first since Mr. Kaunda estab- 
lished the one-party state in 
1973, are planned for later this 
year. 


ANC 9 s Communist Alliance Puts It in the Hot Seat 


By David B. Ottaway 

Washington Past Sendee 

JOHANNESBURG — The Af- 
rican National Congress is coining 
under considerable public pressure 
to clarify its relationship with the 
South African Communist Party 
after many Communist senior offi- 
cials were elected, or re-elected, to 
the ANC leadership. 

The Communists' surprisingly 
strong showing in elections for the 
National Executive Committee at 
the ANCs first national confer- 
ence here in more than 30 years has 
set off a debate about the' implica- 
tions for both the ANC and the 
future of South Africa. 

The ANCs dose alliance with 
the party was singled out at the 


conference as one of the reasons 
the ANC has made little progress in 
attracting members from the mi- 
nority white, Indian and mixed- 
raced communities. 

The more than 2*200 delegates at 
the just-completed conference did 
elect minority members — 18 
whites, coloreds and Indians — to 
the executive committee. 

But almost all of them are known 
or believed to be Communists. 

The ANC struck out last week at 
local news organizations and the 
Washington-based International 
Freedom Foundation for engaging 
in “red-baiting” and “a McCarth- 
yite witch-hunt” for Communists 
in its leadership. 

The foundation has a Johannes- 


burg branch that kept a dose watch 
)n the conference and 


on Ute conference and the elections 
for the ANC leadership. 

In a statement, the ANC said no 
one had the right to question which 
of its officials belonged to the par- 
ty- 

The Freedom Foundation had 
alleged that as many as 37 of 50 
executive committee members 
dected on a single ballot separate 
from the top six ANC leaders were 
self-declared or suspected party 
members. 

The other members of the 91- 
member committee are drawn from 
the ANCs regional leadership and 
affiliated women’s and youth orga- 
nizations. 

The ANCs new secretary-gener- 


al, Cyril Ramaphosa, heatedly de- 
nied that the ANC was “directed or 
controlled” by the party, or that its 
members formed a separate “power 
bloc” inside the executive commit- 
tee. 

"Communist Party members 
pledge allegiance and loyalty to the 

Walter Sisulu. the ANC vice 
president, concurred. 

“There is harmony, there is no 
conflict between us,” he said. He 
and Mr. Ramaphosa, he said, sup- 
port the Freedom Charter, a state- 
ment of nooracial, democratic and 
social welfare principles for South 
Africa adopted bv the ANC in 
1955. 

In addition. Mr. Ramaphosa 


criticized the Freedom Foundation 
for identifying various members of 
the new committee as Communists 
on the basis of what he called 
“threadbare evidence.” 

Many analysts have pointed out 
that the ANC and the party have 
fueled suspicions about their rela- 
tionship by keeping partly secret 
who among their leaders were 
Communists. 

President Frederik W. de Klerk 
said last week that the ANC-Com- 


munist Party “alliance” appeared 
to him to resemble “a scrambled 


egg. 


Some estimates of the number or 
active Communists among the 
elected 56 members of the commit- 
tee are as low as 20. 


A Colombia Drag Haven Where Police Have It Good 


By James Brooke 

Nev York Times Semce 

CALI. Colombia — Translating 
the slogan “Support your local po- 
lice" into bricks and' mortar, lead- 
ers of Cali's cocaine organization 
reportedly helped pay for the tidy 
police posts that dot the city's mid- 
dl e-class neighborhoods in" a drive 
to suppress street crime. 


m Operatives of the rival Medellin 
“cartel” adopted a different policy 
toward their city's police force last 
year: They set a $4,000 bounty for 
each officer killed. The offer was 
not withdrawn until about 400 po- 
Hocroen in the Medellin area were 
dead. 

The difference in style explains 
why Colombia’s ding war has ai- 


The Annual 
Oxford Summit 


Review the business climuie of a world in turmoil 
Ln the culm of Oxford. 

OCTOBER 2-5, 1991 


We Invite you to the eighth annual International Business Outlook 
Conference at Oxford. 

The closing banquet at Blenheim Palace will be addressed by The Rt Hon 
Sir Geoffrey Howe, QC, MP, formerly Deputy Prime Minister and Secretary of 
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Places are still available. For foil conference details, please contact the 
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JtcialbShlSributK 


He Gfefctl Nmpaper 



OXFORD 

ANALYT1CA 

mUlitiHkPiW 


most exclusively centered on Me- 
dellin, 400 kilometers (250 miles) 
north. 

Indeed, after the surrender Iasi 
month of Pablo Escobar Gaviria, 
chief of the Medellin group, there 
has been little sign that the authori- 
ties intend to tangle with the deeply 
entrenched Cali ring, even though 
it has supplanted Medellin as the 
nation’s No.l drug organization. 

With friends all over, the Cali 
organization poses a more daunt- 
ing and insidious challenge to the 
government of President C£sar Ga- 
viria Trujillo. 


(ram Mr. Gaviria to treat ail such 


groups equally. 
“Sirai 


nmply because the Medellin 
cartel bore the greatest responsibil- 
ity for narco-terrori sm ." Mr. Ga- 
viria said, “we concentrated the 
largest amount of our efforts there. 
But our policy is the same.' 


He said he boped that Cali ring 

EC Of 


members would take advantage < 
his plea-bargain policy to surrender 
for internment. 

In Cali, Colombia's third- largest 
city, the prevailing mood is one of 
discomfort over the international 
attention focused on local traffick- 


“In Medellin, the cartel compel- ers, who long ago wove themselves 
ed with the state," a sociologist into Cah society “ seemingly up- 


said. "In Cali, there has been a 
process of accommodation with the 
state." 

In the last two years, Colombian 
security forces have killed or im- 
prisoned the Medellin organiza- 
tion’s leaders, extending special 
treatment to Mr. Escobar and other 
men who agree to give themselves 
up. Meanwhile, the ring's share of 
Colombia's 55 billion in annual co- 
caine exports has dropped from 
about 70 percent to about 40 per- 
cent. 

Over the same period Cali, left 
largely untouched by the authori- 


s landing while-collar citizens. 

Few officials want to discuss 
what may be the city’s largest busi- 
ness. The list of officials who de- 
clined interview requests included 
the mayor, the state governor, the 
local prosecutor and the city and 
state police chiefs. 

In recent moves against the 
group, the Colombian Army de- 
stroyed 10 small cocaine-refining 
laboratories belonging to Cali traf- 
fickers. 

But Colombia still has not 
lodged charges against Gilberto 
Rodriguez Orquela, reported to be 


But Mr. Escobar of (he Medellin 
group, from confinement, called 
Mr. Rodriguez and his brother, Mi- 
guel. “pets or the police." 

“The Rodriguez brothers dedi- 
cated themselves to informing on 
me," Mr. Escobar was quoted as 
saying by a Medellin newspaper, 
adding that the brothers “joined in 
association with” Colombia 
police officials. 

At stake for the two organiza- 
tions is control of Colombia's most 
successful export commodity. 

According to a recent study by 
Salomon Kalmanovitz, a Bogota 
economist, traffickers in 1990 
brought back as much as $3.5 bil- 


las lop 



Police in Village 


Compiled bp Oar Staff From Dispatches 

ZAGREB, Yugoslavia — The se- 
cessionist republic of Croatia ac- 
cused the Yugoslav Army chi Mon- 
day of attacking police units, 
unleashing a new round of vio- 
lence. 

“In this morning’s army attack 
on our forces, one member of the 
Interior Ministry forces was killed 
and one wounded,” MO an Brezak. 
Croatia's assistant interior minis- 
ter, said at a news conference. 

The new editing was reported as 
the first of European Community 
cease-fire observers were on their 
way .here to monitor a truce be- 
tween the federal army and militia 
forces in Slomria and Croatia. 

A spokeswoman for the Nether- 
lands Foreign Ministry said' 20 
Dutch and Luxembourg civilian 
and military observers had left 
from a military base near The 
Hague and would be joined later 
this week by the remainder of the 
group of 50. 

“The first group will set up the 
observer monitoring center in Za- 
greb,” the spokeswoman said. 

Mr. Brezak, (he Croatian spokes- 
man, said the federal army fired 
flares over the village of Kraljev- 
cani after 1 A.M. and then opened 
fire from a nearby village with 
tanks and machine guns. 

The army denied it had fired 
first, saying the police had started 
the fighting with a mortar attack, 
the Tanjug news agency said The 


police responded that they had do 
mortals. 

The Croatian police had retaken , 
Kralfevcani — a predominantly 
Croatian village surrounded: by-. 
Sobs — only brans after Serbs 
stormed it and three otter Croatian 
viDages Sunday morning. - . * 

The clashes died down later, in ’ 
the morning, and a commission of 
federal army officers and Croatian 
Interior Ministry officials: was 
formed to investigate the cause of 
the fighting, the spokesman said . 





-*; 4 






The Serbian minority of 600000 
the'. 


ile 


among (be. four nut 
its feats the Croatian Re- 
public’s effort to break away- from 
the Yugoslav federation: - - 7 '. 

The army has been deployed at 
key points in Croatia to kcep riy 
peace after scores died on bodr- 
rides. •- ’ 

The Croats charge that the army 
is dominated by Serbs who sympa- 
thize with the insistence of the Ser- . 
bun political leadership on keep- 
ing Yugoslavia one natron. 

. The police said at least one Cro- 
atian policeman was kilted and TO 
wounded in fighting Sunday in four 
villages in the region around Pc~ 
trinja, about 400 kilometers (250- 
xmles) west of Belgrade. * . • 

The Croatian Interior Ministry, 
official accused army officers of 
breaking, the ceasefire; reacted 
July 7 between federal leaders and 
Croatia and Slovenia, 13 days after 
the two republics declared inde- . 
pen deuce. (Raders. UN. AFP) 




%=■- 




Soviet Advice: Don’t 
Meddle in 



Agence France- Presse 

VIENNA — Foreign Minister Alexander A Bessmertnykh of the 
Soviet Union has cautioned Yugoslavia’s neighbors to stay out of 
Yugoslav mtemal affairs. 

In a tetter to Alois Mock, the Austrian foreign imnisier, Mr. 
Bessmertnykh said that in the months leading up to the crisis in 
Yugoslavia, “arms deliveries were made without the knowledge of its 
legitimate government." 

Making no specific reference to Austria or. Hungary, Mr. Bess- 
mertnykh condemned the “numerous overtures” he: said were made 
to “supporters of the disintegration” of Yugoslavia. 

“It is very important that Yugoslavia's neighbors, even if they 
share common historical roots, do not let themselves be influenced 
by those who are looking backward or allow themselves to be stirred 
by the nostalgic memory of former Balkan structures, forgetting 
their tragic rote as the powder keg of Europe," Mr. Bessmertnykh 
said. 

In the letter, published Monday in the magazine ProfiL Mr. 
Bessmertnykh warned that “unless there is a stop to attempts to 
. meddk m the Yugoslav internal crisis, all the conditions will be there 
to bring about the same situation that existed at the beginning of the 
century, which we know only too wdL” : - ■ 


Pakistani Leader Moves 
To Cut Military’s Power 


The Associated Press 

ISLAMABAD, Pakistan — The 
civilian government of Prime Min- 
ister Nawaz Sharif drafted a consti- 
tutional amendment Monday that 
would curb the powers of the mili- 
iaiy. 

The amendment was expected to 
be passed at an emergency session 
of parliament to deal with Paki- 
stan's mounting law-and-order 
problems. 

Mass murders, relentless kidnap- 
pings and ethnic and political strife 
forced Mr. Sharif to cancel a visit 
to Japan last month. 

Toe amendment would give ex- 
traordinary powers to tivfljan and 
paramilitary policemen now de- 
ployed in parts of Pakistan deemed 
by the government to be “terrorist 
affected areas." 

Special powers include the right 
to arrest without charge, denying 
bail and suspending some funda- 
mental rights, said a spokesman for 
Mr. Sharif , Rashid Ahmed. He said 
the amendment would be in effect 
from one to three years. 

He said that the emergency ses- 
sion was expected to pass legisla- 
tion introducing “speedy justice.” 

Although the legislation was still 


being devised, Mr. Ahmed said, it 
was expected to establish special 
courts to prosecute murder, sabo- 
tage and ltidiiapping suspects, to 
provide fra only one appeal and in : 
ban adjournments. • -* 

“You will see a sharp decline in 
the crime rate if a murderer .is 
hanged within days of committing 
the offense,” Mr. Sharif was quoted 
as saying. 

With nowhere else to turn for, 
support, the civilian government of 
the former prime minister, Benazir 
Bhutto, called on the army , fre- 
quently during its 20 months in. 
power. 

“We want an option other than 
the military or emergency rule,” 
Mr. Ahmed said. “We want to 
leave the military to defend Paki- 
stan’s borders." 

The military has ruled fra 25 
years of the country’s nearly 44- 
year history; civilian governments, 
have warily watched the army for 
signs of a coup. 

Renewed speculation of a miS- 
lary takeover intensified .last 
mouth after two mass murders nr ' 
Punjab, the prime minister’s home 
province, highlighted deteriorating 
law-and-order problems, particti- 
larly in southern Sind Province. - ; 


The 2 Koreas Exchange 
Plans to Ease Tensions 


lion — roughly triple the amount 

sale c 


ties, has expanded its market share lhe godfather of the Cali organize 
from about 30 percent to about 60 don, which is a loose confederation 


earned from the sale of coffee, the 
country’s largest legal export. 

In recent years, while the Medel- 
lin organization was thrown on the 
defensive, the Cali group moved 
out of its distribution base in New 
York into Miami and Los Angeles, 
markets previously dominated by 
Medellin. And using ports in the 
Netherlands and Spain it penetrat- 
ed Europe, particularly Germany. 

Unlike the McdelUn group, 
which prefers fast shipment by 
plane and speedboat, the Cali traf- 
fickers hide their merchandise in 
freighter cargo containers. 


percent. 

Given lhe trauma caused by the 
long war with the Medellin organi- 
zation. Bogota apparently does not 
share the U.S. Drug Enforcement 


of about 15 groups. 

“There may be a show of a Tew 
seizures around Call, but the gov- 
ernment is not going to touch the 
leaders." a European envoy in Bo- 


Administration view that the Cali gohl predicted- 
drug traffickers should be con- The city's polio: force has denied 

fronted head-on. despite a pledge collaborating with the Cali ring. 


■ Attack on Gaviria Foiled 
Newspapers reported over the 
weekend that security forces foited 
a guerrilla plan to attack Mr. Ga- 
viria after the army found explo- 
sives near a building be was sched- 
uled to visit, Reuters reported from 
Bogota. 


The Associated Press 

SEOUL — North and South Ko- 
rea issued new proposals on Mon- 
day for talks and cultural contacts 
as their efforts to ease tensions ap- 
peared to gain momentum. 

South Korea urged the North to 
meet for talks at the border tra July 
26 and indicated it was willing to 
negotiate and compromise. There 
was no immediate response from 
the North. 

North Korea, meanwhile, re- 
leased a proposal by Pak Sung 
Cnul, chairman of a committee on 
unification, suggesting a political 
conference to oe attended by 50 
delegates from each side, either in 
Seoul or Pyongyong, 

With both governments hoping 
to join the United Nations in 
tember. the recent proposals are 
viewed largely as an effort to take 
the initiative m the political states- 
manship of eventual reunification. 

In its broadest such proposal 
since the partition of Korea, Seoul 
on Monday challenged North Ko- 
rea to open the heavily guarded 
border and act as co-host for what 
it said would be a 17-day unifica- 
tion gala. 

Unification Minister Choi Ha 
Joong proposed that the Koreas 


hold a cross-peninsula march by 
2.000 citizens in August, . unifica- 
tion symposiums and prayer meet- 
ings in both nations, and a cultural 
festival at the border. 

The two Koreas agreed Friday to 
hold a fourth round of prime minis- 
ters’ talks on Aug. 27. 

South Korean dissidents criti- . 
cned the unification gala proposal, 
Myuw it was an attempt to thwart a 
dissident-backed rally on unifies- ■ 
uon with North Koreans and Korer: 
ans Irving abroad. 

North Korea has demanded that 
unification rallies and marches be 

fES!? 12 *? bc ?!! ecn dv *Iwns from 

the North and South, including dk- 

sidems and activist srodents, ; 

South Korea has said all contact 
must be between governments of : 

~ 5° ades or gpvorament-ap- 
proved representatives. 

In another development, the De- 
' m S* 00 * asserted.. . 
that North Korea had produced . 
uwre than 1,000 tons of chemical 
warheads and was bunding long- 
range Scud missiles that could de- 
uyer them. The report said North 
Korea was building Sends with a 
Jgjg of 1.000 kilometers (620 , 


h ! 


I 




I-?*. 


v -j*! 


STYLE MAKE) 


Polo Lounge at 50 

ffiOSLS BEFORE FOOD 




Uz -turn r-wT Semce 

tvtRLY HILLS, Ci 

forma — If the walls 
the Polo Lounge cov 
“Ik . lots of people woe 
« on the phone io iheir lawyers 
FJiyvearerjd. the Polo Lona 
® jjc Btterh Hills Hotel is 
y**# office as resta 
In a i.^ where breakfast 
hj? “ P ,1Wcr Play, careers ba 
unmade over 1 


^ Uun gg's famous Dutch apt 
^j^J'yrn caroused here. ? v 


sXhffi'SEJES; 




'£;l 


WcbinTh. “ Never « 
,1 „ ' > Tow n -Again” " 

P,,| ° Lnaa * A* Pbon 

fci 

morning n, - ■' <r ^ nser s ask tl 

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r00n - lfnJk - l,2Uranl S innt 
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lounge (Jiff ' ia > i - But the Pol 
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J 1 "* lhai S5 f' and l al! those wfa 
» l»!uee^ a °f°rang 

ai 10 Pay for 

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unprovisation 


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'■ i« 1 


International Herald Tribune 
Tuesday. July 16. 1991 
Page 7 



From Burning the Bra to Flaunting It 


n„ gii W Mgnlff g ~ lo succeed in a man's world. She became an invesi- 

i„rJL,rinJi RtmUTribunc n ? cnl wih Merrill Lynch in 1971 and rose to 

vice presidem, hiding her creative side (as well as her 

ARIS — li is 21 years since burning a bra ^ umtawear) under a power suh. 


role as sex object and mother-provider. ?°Mdy did the role-rcvereal thing by leaving banking 

Yet now in the 1990s, flaunting a bra has become ™ 1110 N®lori fashion empire. The business 

instead a symbol of women's semai freedom. When ^ nxe aJK ^ secondary lines sold in stores — now 

Madonna stripped down to bra and corset for her star- lur ° s over S25 mQlion a year. It employs 900 local 
studded entrance to the Cannes film festival, she was c ™ u P®oplc ut the factory in the Philippines, 
showing only what is on all the beaches — and even in Nalori says that she never had a fetish for lingerie; 
the cities — this season. Going topless is quite out of she came into the business by <*««* But she believes 
fashion; in are deep-bra bikini tops that lingerie played a sociolofti- 

and strapless bustiers. cal role 

And the bra itself — worn. «i jv t wnm nn “It has been a medium for wom- 

sbow under an open blouse or jack- 1 **& Ul a, worn (JI1 en to express themselves," she says, 

ct, or just as a sun-top, has become ch nw h a c hf^rnmf a “ . A camisolc under a pinstriped 

an item in its own right. That look owjw 9 liab iJC^UliJc a g|jt was an affirmation of women's 

is exemplified by the current cam- fachinn item in ita independence." 

paign for Guess jeans, in which the ilcui in iu> She is in Paris to show her new 

bra top with figure-molding denim num rifrht collection at the boutique just oft 

shows the trai^tion from an drogy- x t 5" 1 * Place Vendbme — an Oriental jew- 

ny to femininity. el-box of a shop with a lacquer 

How did it happen that the gar- black interior against which are 

meat most despised and reviled by feminists in 1970 is displayed bustiers decorated with moOusks of seed 
suddenly a sign of being powerful, proud and your pearls, floating organza shins, richly colored baib- 
own woman? robes, a waft of marabou for some traditional Holly- 

Jean-Paul Gaultier was the first designer to build up wood peignoirs, and lots of thoroughly modern 
the twin peaks and make conical bra tops a witty, wry stretch. 

focus of fashion. Madonna just picked up the designer “There are no boundaries. I present it and let the 
look he launched a decade ago. She also favors Dolce e woman decide what she is gang to wear it for,” says 
Gabbana, the Italian designers who have made the Natori, who will launch a ready-to-wear line in No- 
corset — jeweled, lacy and fastened with an array of vember. Her idea of liberating women is to make 
hooks and eyes — their fashion fetish. Britain’s Vi- everything easy-care, trouble-free for travel and good 
vtenne Westwood brought the bra out on top of blouse value — essential for the U. SL market. 


Designer Josie Natori 
and. below, an exam- 
ple of the lacy lingerie 
made in her factory 
in the Philippines. 


or sweater, and recently turned her maverick mind to 
the voluptuous 18th-century corset 


“French women always dressed from the made," 
she says. “In the U. S. you get women wearing a $10 


A whole generation has now accepted the idea of bra with a couture suit." 
outing innerwear, while their older sisters hid their Natori says that she does not like to call herself a 
bodies in overalls and debated whether it was accept- designer, but a businesswoman who “happens to Ik 
able to swap pants for a skirt The modern woman’s artistic. 1 ' She admits that she never really fdt tempera- 
attitude is that if she wants to look sexy, it is her mot tally attuned to Wall Street, and (hat she is still 
choice, and if a man sees her clothes as a come-on, that “happiest with my piano.” 
is his problem. And Madonna? 

Or, as the lingerie designer Josie Cruz Natori puts “1 find it very offensive," she says. "But then, being 
it: “A woman is saying that if I want to be sexy, lean a Catholic, I have my own Catholic hang-ups. And she 
be sexy in the street, I don’t have to hide it in the is symbolizing what women are saying: I want to wear 
bedroom." lingerie on the outside. And that has helped business." 

Natori runs her intimate apparel business out of Natori, a slender, elegant, designer-dressed woman. 
New York, making a froth of lace, a drift of chiffon or admits Unit she had to get over a deeply-rooted Orien- 
embroidered accessories in her native Philippines. Her tal modesty to be able to discuss her work and its 
own story traces the history of women over the last implications. 

two decades, for when bras were going on the bonfire; “I am a real prude at heart," she says. “1 couldn't 
Natori had just arrived to study b usiness at Manhat- say 'sexy* until a year ago. I always said ‘sensual.' Now 
tan vflle College. Although she had an artistic bent and 1 realize that being sexy is not duty — it means being 
had become a fine concert pianist, she was determined feminine." 



Country/Currency 


;• *r - 


. ; 


STYLE MAKERS 







Polo Lounge at 50 

PHONES BEFORE FOOD 

Lot Angela Time Serwice 

EVERLY HILLS, Cali- 
fornia — If the walls of 
the Polo Lounge could 
mm talk, lots of people would 
be on the phone to their lawyers. 

Fifty years old, the Polo Lounge 
in the Beverly Hills Hotel is as 
much stage and office as restau- 
rant. In a town where breakfast is 
often a power play, careers have 
been made and unmade over the 
Polo Lounge's famous Dutch apple 
pancakes. 

Errol Flynn caroused here. Yves 
Montand romanced Marilyn Mon- 
roe here. Julia Phillips gave inter- 
views here for her venomous auto- 
biography, “You’ll Never Eat 
T r |mch m This Town Again.” 

At the Polo Lounge the plumes 
are more important titan the food. 
The action starts at 7 A.M. when 
the industry’s early risers ask the 
morning maitre d’ Bernice Pirilbin 
for one of the choice booths in the 
Loggia, the restaurant’s inner 
room. At lunchtime, one of the 
three phone-equipped booths in 
the Green Room, opposite the bar, 
is the place to be. 

Rumor has it that some of the 
town's major power eaters have de- 
fected and are breaking their bagels 
(toasted, no butter) at the Four 
Seasons these days. But the Pcjo 
Lounge continues to attract the 
rich, the famous and all those who 
know that $5 for a glass of orange 
juice is Hide enough to pay Tor a 
good seat at the best improvisation- 
aJtheaier in town. 

Dominick Dunne, tbe novelist 
whose recurrent theme is power, 
calls it a magical place. 

“I'm kind of a voyeur in life, and 
I always love to watch the trig deals 
that are going on there," he says. 
Dunne, who has been making r»- 
ervations at the Pdo Lounge for 30 
Years, has a Favorite table, with a 
penonanric view, and he has a fa- 
Soriie meal — lunch. But he also 
likes the atmosphere of mtngue 
that suffuses the place at night 

The polo Lounge opened July 
II, 1941. Previously 
din. it was named for Danyl Zan- 
uck, Walt Disney, SpencerTracy 
and the other polo-playing ww « 
of Hernando 

owner. It was not long before bemg 

^inVhePoloUxniEfibtt^ne 

almost as much a Hollywood leg 

end as the casting-room couch. 

The Polo Lounge has three maF 
tre d's in the course of the day. 
Phiibin at breakfast Emilio Trejo 

SJSasrsgsi 

n^erT SS5SW 


hostess. “You saw very few women 
who were at the door." 

In her tailored dothes and sensi- 
ble shoes, PWbin is part diplomat, 
part traffic controller. “We get 
some of the most important people 
in the world, business-wise," she 
says. “You have to know who not 
to seat next to whom." 

Ptrilbin keeps abreast of the 
changing fortunes of her clientele 
by reading the trade papers, tbe 
Los Angeles Times, The N ew York 
Times and the Wall Street Journal 
daily. Hotel guests and regulars 
have dibs on the best booths and 
tables. Although she has an exqui- 
site sensitivity to rank and status, 
Phflbin doesn’t banish regulars to 
restaurant Siberia when they expe- 
rience professional setbacks. 

“When somebody's lost their job 
or been replaced, we treat them as 
if they were just as important as 
they used to be," she says. “They're 
going to get another job, probably 
better than the one they had before, 
and they’re gang to remember." 

When Phflbin began, there was a 
strict dress code. Women wearing 
slacks were barred. Marlene Die- 
trich, who rarely wore anything 
else, was once told she would not 
be served unless she changed. She 
checked out of tbe bold instead. 
“Now the dress code is more re- 
laxed," says Phil bin. “We have a lot 
of people in the music business, 
and they are not exactly fashion 
plates." 


Guests in shorn are sealed ori 
the open-air Patio, which is domi- 
nated by an 86-year-old pepper 
tree. People in flip-flops need not 
apply. 

The Polo Lounge coddles its cli- 
entele, says Phflbm, special-order- 
ing grits, kippera and other non- 
menu items when guests and 
regulars request them. And the 
staff makes it a point to remember 
specific likes and dislikes. “I once 
met a man in the lobby, and I 
couldn’t remember his name, but 1 
sure knew how he hked his eggs." 

If only to make sure that high- 
profile (Oners come back, tbe Polo 
Lounge tries to protect them from 
unwelcome intrusions. Autograph 
seekers are discreetly discouraged, 
not always successfully. “Some- 
times people get up and go np to a 
celebrity's table, and there's not 
much you can do about it," says 
Philbm. “You can’t knock them 
down." 

Like other hotel employees that 
last, Pirilbin is dosemoutbed about 
what sbe has seen and heard during 
her decades at tbe door of the Polo 
Lounge. Phflbin wouldn’t dream of 
tattling, she says. “I could probably 
write a bode and never eat break- 
fast in this (own again, but I would 
never do that." 


Patricia Ward Biederman 


wm 


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Eye of the Beholder: Museum 
Bars Artwork as f Peep Show’ 


New York Tima Service 

W ashington — 

The National Muse- 
um of American Art, 
which has been at the 
center of a dispute ova an exhibi- 
tion . that challenged traditional 
views of the 19 th-century Ameri- 
can Western expansion, is now in- 
volved in another controversy. 

The organizers of “Eadweard 
Muybridge and Contemporary 
American Photography” are de- 
manding that 'he mow be closed 
because the mm %un's director, Eliz- 
abeth Broun, removed a work she 
calls “degrading to women." 

“Muybridge L" by So! LeWiu. is 
a black box with 10 apertures 
through which the viewer sees im- 
ages of a female nude coming pro- 
gressively closer. Broun explained 
that she found “the escpcncncc of 
looking at lt degrading and offen- 
sive. 

“I think U would be hard to view 
the work without having the associa- 
tion of peep shows come to mind," 
she said, “I have do doubt that 
LeWitt intended the piece as a seri- 
ous reflection of Muybridge, but be 


made this piece in 1963 and since 
that time we have more than two 
decades of examination of issues in- 
volving the representation of wom- 
en. It would be impossible for roe to 
present this in 1991 without some 
aspect of tins brightened public con- 
sciousness entering into the viewer’s 
experience." 

The show, winch includes tbe 
work of some 25 contempomiy pho- 
tographers, is built around the col- 
lection of Muybridge, a 19th-centu- 
ry photographer renowned for 
creating slop-action studies of ani- 
mals and people in motion. 


ESCADA* 

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COLLECTION 

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NTERNATI0NAL 


Ths otter exptres August 31 1991. and savaOa&e to new SLixeribas arty. 


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TOKYO 


HONGKONG 


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BANGKOK SWGAPORE 


* * 


TUESDAY, JULY 16, 1991 


Page 9 


iiiTERNATioNAL STocKs Paris Aids Usinor via Credit Lyonnais 

High Rates and Ratings 
Cool Singapore Bourse 


By Michael Richardson 

S International Herald Tribune 

I991 A tfi?Si!L7i^ l « *” lbe fi rst few months of 

byrisLoR “ aricel is ^gged down 

a ?«**» that «t w over- 
I? - *** A 031 corporate 
of new issues alsn ««» monl hs combined with a spate 
ThTDBsIn^ !FJT7 a * analysts said, 

dm^i stocks closed Monday at 419.07. 

frora Fndfl y Md w ell below its 1991 high of 446 

orSTrat? Slf f £Fr maj ° 1 ' ^Sapore banks have raised their 

*^SsX^f^ ran,aSe POto ‘ * 75 ~ 

mcnase following a rapid rise 
in three-month interbank 
rata to 6.25 percent currently 
from 4.5 percent in April 
“Demand for credit is 
strong because of new issues 
in the pipeline, buoyant eco- 
nomic growth and a tight la- 
bor market,” said Bibiana 


Company earnings 
are expected to 
reflect slow 
growth overseas. 


Yow, head of research at Smith New Court Securities Pte. 

n/HswJrS* 8111 ® 8 *5? 01086 their bsting offers later this month 
while several more wfl] seek listings on tbe Singapore exchange in 
the next few weeks. 

inn* ® number erf local and foreign banks have offered 

100 percent financing for applicants bidding for new shares. But 
hanks are more waiy now because the market is in decline and the 
Monetary Authority of Singapore has advised banks it was 
unhappy with the speculative fever their lending helped arouse. 

Tbe Singapore government is forecasting economic growth of 
between 6 and 8 percent in 1991, after adjustment for inflation. 
^nt i n gs of most Singapore companies, however, “will reflect 
subdued economic conditions” in the United States. Europe, 
Japan and other major markets, said Ang Chor Chen, an analyst 
with DBS Bank Ltd. 

Nevertheless, Mr. Ang said prospects looked brighter for 1992, 
and any correction in the Singapore market should be seen as an 
opportunity to buy. 

I N THE FIRST HALF of the year, the performance of 
Singapore slocks was among the most impressive in the 
region. The DBS SO index increased by 24.] percent, out- 
paced only by the Manila Stock Exchange with a gain of 62.6 
percent and the Stock Exchange of T hailan d, which rose 24.9 
percent. 

In the same period, the Kuala Lumpur Stock Exchange com- 
posite index went up by 22.3 percent, (he Hang Seng index in 
Hong Kong by 21 3 percent and the Jakarta Stock Exchange by 
17.1 percent. Japan's Nikkei index slipped by 23 percent. 

The Singapore market’s rise has left it lookmg“quite expensive 
in regional terms” to foreign investors and fund managers, said 
Manu. Bhaxkaran, economic research director at Crosby Securi- 
ties Pte. In recent weeks, foreign investors have taken profits and 
have been net sellers of Singapore stocks, said Low Siew Kb eng. 
research dirctor at Baring Securities (Singapore) Pte. 

At the end of June, based on Crosby Securities' forecasts of 
1991 earnings for listed companies, Singapore stocks on average 
were trading at 16.4 limes earnings, compared with aratio of 14.2 
in Indonesia, 14.1 in Thailand, 10.8 in the Philippines and 10.6 in 
Hong Kong. 

Only Malaysian stocks had a higher rating, with a price- 
earnings ratio of 19.£. Bpt Mr. Bhaskaran said that if Singapore 
Airlines was removed from the -list' of Singapore stocks, the 
market's average P/E ratio would be mound 20. 

SIA, which has a low P/E multiple, accounts for abioui 12 
percent of Singapore market capitalization of 74.8 billion Singa- 
pore dollars ($425 billion). 

Rajeev Bhaman, an analyst at BZW-Padfic Union Ptcu said 

. See STOCKS, Page 15 


CURRENCY RATES 


Cross Rates July is 

t C DJL FJF. Ura OR 1 U. 5LF. Ton a Pmta 

AnMm not 3 jm uan ubi Bins* — MRS* uoi umj* ins uw* 

Brunets MBS <060 HUB 4JK2S VO * 1USB 2UC I2M K.IS5 JUST 

Frankfurt 1JHJ US 02M BUS* UH 46»* U5C UUS* ISW l SB* 

uimM ijm — usi ui awuo um - eua usu jhjb umm its.it 

Mofhid I BW |U| a a TUB Id* AM 1M' 72JT7 HW* «.m 

Mom uan wtbJB mu tax — ukm hus osmi vm ijms ui* 

New York (M ' 1651 d 12*17 uns IJHJI UTU .HJU, USE UMB l.ms . IU» 

Paris AM 1BJMS 3X9 MM* 36SP BUN ItW AAttS * iXS UUS » 

Tokyo ISM RU7 MSI 2234 BIOS on 171N EM IIMi 12BI 

Toraiio imp u» IM1I ansi bki* asm i«* olmi u»* — urn* 

Zurich 1651 £5304 1646 USS2 BUM* 174*6 4»* ll» r USU l»* 

| ECU 114Q 1MM USB *5742 U3BO UU« 4QJBSB 1771 1SUM UUS 1H7H 

ism uw uen um usu inm mtw eh* usu Mm ues mom 

Cka/nos hi Amsterdam London and Zurich, fixings In other centers; New Yore dot km rates 

and Toronto rates at 3 pm. 

d: To bur one pound j b: To bar ono dollar ; V Units of WOt N.O.: not auated; HA^ not 
auoUaUe. 

Otftsr Dollar Values 

Per* Corrancy pw» 

L<wdral *9256 Oreektfrac. 1«70 

Austral. S 12M3 Hong Kong t 7J*S 

htHr.jdia IU2 usnnmi H70 

Brazil cnu. 32560 Iwto. roptah 1WZ0 

Qtlnaoroao* 5L3545 Irish I OA7T8 

Daalsli krone 6342 Israeli she*. 2J346 

EflVPLIWOWI 12»77 KawaMIdtanr 02WJ 

Flo. markka 0125 Matav.rUw. 2J815 

New Tort rotes unless marked ’ (local nrtoJ 

Forward Rates 

Comocv 3Mar »4n *Hknr 

POUMtSleMm 13M* 1W07 1M47 

S5 !S s 

(Toronto), IMF (SDR); Gatbtmk (ruble/. Other t*do from Reuters ondAP. 


Per* 
MCLNW 30243 
IBZeotaOdf UHt 
Norw. krone 6J99 
PMLpefo 2 7M 
Port, escudo ttUD 
Saadi rfyal 133 
SUM.! 1.7584 

S.K0T.WM 73160 


Prt S 
S.Afr. rand 23775 
Soviet rWMe* 06098 

S wed. krona U 97 

Taiwan S 2674 
That taut 2570 
TnkJth Hrn 435930 
UAEdlrtWSI 16725 
Venez. holfv. 5860 


C ur r en cy 


JMav am ndm 

U« 1.1514 1.153* 
137.17 137J2 137^9 


INTEREST RATES 


Eurocurrency Deposits 


July 15 


Spin - - * «* * 

Dollar P Mam Franc sterling Pno"e 


_ Yen ECU IDA 

™ £££ 
e m-t h Btw 7 tw7tw 10 tvll * 9 H*9V!r TSM n, 7w 

W^ltk. ***** TVWW. 7,. 

9*** 701.74k 1M» ’V? IZZ , 

6^691. 9^-9* nn-TW w^rl0*k «»**« Tnr-7* 9*w**. 7ft 

Sources: AH Reuters except ECU: Uoyds Bank. .i.nfi»Tftrnrr 

jftrtrs f- ytfrwfcn* 4a kUerbobk deposits ot ST mBtion minimum (orraol^neatj. 

Aslan Doll«r Deposits 

July 15 


Ksy Money Bates 


July 15 



Com Boocr 90479 dm 

JeartTrwaTttt 

fraonttTrraswrMS 

Hear Timov 0» 

s rew •neuiwt Bend 

StneoitiCm 

JraootkCtrt 


M s c o wit ra M 
Meant tadertMsk 


Close 

5VS 

tu 

J T5/1A 
660 
IS 
569 
550 
564 
171 
5 JO 

Sft 
711/32 
N.Q. 
7 7/16 


M 

8V5 

» 

660 

5JS 

569 

564 

864 

178 

560 

5» 

70/32 

77/14 

KQ- 


CaNl 

l-l 

HMafklotartw* 


Book brae rale 
Caflmeoey 

MtaanUdertionk 

inftfbonk 


Internal let role 
Orflmoaer 

Huntt kile rtort 

34OOO0I Wnteik 
Mnoalk tatabae* 

Sources: 

m Oww»ri<w* ixm** 


4ft . 6ft 

968 960 

860 »» 

MS W 

965 W0 

960 960 

iuo U60 

1160 MH- 

ll 1/14 11 1/U 

TO li/1*. I** 

960 9A 

9* 97/U 

f% 

m «* 

9ft 97/1* 


Banket** 


5W-61W 
2 maHta . «-M* 

IntonNu 4ft-6ft 

t months 6»l-6ik 

1 year 6* -6* 

Source: Reuters 


U.S. Monsy ItarflMt Fumte 

July 12 

MftrriULyncft Beady AtMti 

MMdaw averaen vMdt **5 

T e kride Interest Rate Index: 5637 
Source: M e r r ill Lynch. Tolerate. 




July 15 

AJk PM. CkVe 

IS 

32 -S 

Ss- ■ ”- ss - 

. porn and London tftffcktt fbc 

££^2uS?Kona and rurtew ootnbta md 

new rone snot market dose, 
soar ounce. 

Source: Reuters. 


By Jacques Neher 

Special to the Herald Tribune 

PARTS — In a move certain to 
raise eyebrows in Brussels, Crddit 
Lyonnais said Monday it would 
inject 25 billion francs (5400 mil- 
lion) into Groupe Usmor-SacQorin 
exchange for a 20 percent stake in 
Europe s largest steelmaker. 

Toe deal, which has the govern- 
ment playing middleman to capi- 
tal-raising schemes by the two 
state-owned companies, appeared 
to be structured is a way to diffuse 
objections from the EC Commis- 
sion. analysts said. 

Nevertheless, a source familiar 
with tbe Commission's handling of 
fiuestions concerning state aid to 
industry and competition said the 
deal could face difficulty winning 
approval. 

"This is a very sensitive sector 
and 25 billion francs is a lot of 
money," the source said. “U will be 
taken very seriously by Brussels.'' 

An EC spokesman said the Com- 
mission would be definitely "look- 
ing at it" to determine if the cash 
infusion violated restrictions on 


state aid, even though it would be 
coming indirectly through another 
company. 

Terms call Tor Credit Lyonnais 
u> pay 25 billion francs to receive 
new llsinor-SacDor shares worth 
slightly less than 10 percent of the 
steelmaker. 

At the same time, Crddit Lyon- 
nais will issue new capital to the 
state worth 2.7 billion francs. Tbe 
state wfl] pay for its increased stake 
in the bank by hantfing over a 10 
percent Mode of existing Usinor- 
Sarilor shares, bringing the bank’s 
total holding to 20 percent. 

The French state currently owns 
all erf the steelmaker’s stoat, and 
after the deal, to be completed by 
the end of the year or early 1992 its 
stake would drop to 80 percent. 

The state has a direct 50 percent 
stake in Crfedit Lyonnais, plus 30 
percent through indirect holdings. 
The direct share would rise to 
around S3 percent after completion 
of the deaL 

Negotiations began last Febru- 
ary at the request of Frauds Mer, 
Usmor-Sadlor chairman, the com- 


panies said, noting that the accord 
was approved by nene Bdegpvoy, 
the finance minister of France. 

Tt's quite a neat solution,'' said 
Peter Dupont, analyst with UBS/- 
Phillips & Drew in London. Tt 
allows Usinor-Sadlor to improve 
its balance sheet, while keeping it 
firmly in state hands and keeping 
the EC off their backs." 

Claude Rubinowicz, spokesman 
for Credit Lyonnais, said he saw no 
reason for any objection from 
Brussels, noting that the bank con- 
sidered the investment “an eco- 
nomic operation based aa econom- 
ic analysts." He said tbe acquisition 
of the stake would come out of the 
bank's treasury and that a new cap- 
ital increase was not planned Tor 
the moment." 

The steel company returned to 
profit in 1988, after 13 years of 
losses and a string of restructuring 
moves in which plants were dosed 
and thousands erf jobs cut In 1990, 
it earned 35 billion francs on sales 
of 96 billion francs. 

Despite a downturn in the indus- 
try this year, Mr. Mer is expected to 


of 


report first-half net earnings 
around 800 million francs. 

In reccm years, it has carried out 
a number of major acquisitions in 
Europe and the United States, in- 
duding the 1989 purchase of Jones 
& Laugh! in Specially Products 
Corp-. the second-largest U.S. 
stainless steel producer. 

Tbe company has been in talks 
during the past year to acquire 
LTV Corp.'s steel business in the 
United States, but those talks are 
on hold. 

The shopping spree, combined 

with heavy research and develop- 
ment investments, has resulted in 
debts totaling 275 billion francs at 
year-end 1990 and a high debt- 
equity ratio of one. 

The EC Commission, in evaluat- 

ait, would hav-iMo* determine if a 
private investor, given the opportu- 
nity, would be inclined to make the 
same investment. If not. the Com- 
mission could determine that the 
state, even while using indirect 
means, was trying to “prop up a 
loser," and block the deal. 


Kuwait Unveils 
Plan to Borrow 
Up to $34 Billion 


Compiled by Our Staff From Dispatches 

KUWAIT — The emir of Ku- 
wait has authorized his government 
to borrow up to S34 billion abroad 
to finance Gulf war costs and the 
country's reconstruction, it was an- 
nounced on Monday. 

A decree by tbe emir. Sheikh 
Jaber al Ahmad as Sabah, instruct- 
ed the Finance Ministry to obtain 
loans worth 10 billion dinar s, or 
534 billion. 

“The borrowing will be effect- 
ed," the decree said, “without re- 
stricting it to tbe issuing of Trea- 
sury bills and bonds in the local 
markeL by borrowing in various 
international financial markets." 

It would be tbe first time that tbe 
emirate — which was tbe Middle 


No More 

Executive 

Escapes 

Reuters 

TOKYO— There may soon 
be no escape anywhere in the 
world for tbe weary Japanese 
executive. 

NTT International Corp„ 
an affiliate of Japan's Nippon 
Telegraph ft Telephone 
Corp., said on Monday it 
would start selling an dec- 
ironic pager system whose 
messages will cover the globe 
by satellite. 

The service will be test-mar- 
keted in North America and 
Singapore in September. 

Eventually, it should allow 
a company head office in To- 
kyo to reach employees 
around tbe world, anytime, 
anywhere that the service is 
offered. 

Bong paged will be cheaper 
than a regular international 
call, an NTT International of- 
ficial said, declining further 
detaila • 

Asked if dverseas emplcfj^. 
ees might find the new service 
more an annoyance than an 
aid, the NTT International 
official said, “We think only 
of tbe benefit of the business- 
es." 


Carter Charities Got Funds From BCCI 


By Ronald Smothers 

Hew York Times Serrice 

ATLANTA — Charitable organizations cre- 
ated by former President Jimmy Carter re- 
ceived $8 million in contributions from tbe 
failed Bank of Credit ft Commerce Internation- 
al, and Andrew Young, the Carter administra- 
tion's representative at the United Nations, had 
a consulting arrangement with the bank while 
be was mayor of Atlanta. 

The $8 milli on in donations spanned several 
yean and were given to Mr. Carter's Global 
2000 Inc n which the fonner president organized 
to help developing countries. 

The bank also donated 5500,000 to help 
buBd the multimillion-doll ar Carter Center of 
Emory University in Atlanta, which operates 
health, agricultural and political mediation pro- 
grams around the world. 

As regulators and investigators sift through 
the complex history of the bank, there has been 
no suggestion that Mr. Carter performed any 
services for the bank. 

Carrie Harmon, a spokeswoman for the Car- 
ter Center, confirmed the contributions and 
said Sunday that none of the money went to 
Mr. Carter, who is not paid by the center. 

When the hank was seized by regulators in 
seven countries earlier this month, the Bank of 
England accused it of extensive fraud. 

The Central IntdHgenoe Agency used the 
bank for intelligence operations and the bank 
was involved in secret aims deals, including the 
sale of MS. arms to Iran in 1986, according to 
g o vernm ent and bank documents and former 
^gOKWgiro) and, ban£ officials. . ^ 

"’Mr; Ycxing 'had' a longtime personal and . 
business relationship with the Pakistani 
founder of the bank, Agha Hassan Abedi. ■ 

The bank provided loans to Mr. Young's 
small Washington-based trading company, and 
Mr. Young introduced the bank to Hurd World 


leaders in exchange for a 550,000 annual retain- 
er paid to his company. 

In an interview Friday, Mr. Young defended 
the bank and Mr. Abedi, who founded the bank 
with Middle East money. Mr. Young said he 
was convinced of Mr. Abedi’s personal honesty 
and said the bank's far-finng financial empire 
seemed to reflect not only Mr. AbedTs commit- 
ment to making money but to contributing to 
the communities in which tbe bank operated. 

“1 have never been self -conscious about my 
relationship with BCCI and Mr. Abedi," Mr. 
Young said. “Every good idea that Carter or I 
bad, Abedi was willing to finance. He was never 
really giving us cash, but be was encouraging 
the local banks that he controlled to seed our 
projects. So I am reluctant to see BCCI as this 
sinister operation that everybody is making it 
out to be/" 

In 1986, Mr. Young recalled, Mr. Abedi 
provided Ids personal Boeing 727 for Mr. Car- 
ter and Mr. Young, who was mayor of Atlanta 
at the time, to take a whirlwind, five-day tour of 
five African countries. The trip was an attempt 
by Mr. Carter to persuade the leaders of these 
countries to allow the Global 2000 project to set 
up agricultural experiments using specially de- 
veloped drought-resistant seeds. 

Mr. Young said BCCI-owned banks in the 
five countries arranged to buy the seeds and 
fertilizer for the experiments. 

At its peak, the bank had offices in more than 
70 countries. It is currently under criminal 
investigation in four American dues and has 
. been involved in several foreign political and 
business scandals. 

' TMr. Young had contacts in the Third World 
from his days as the U.S. representative at the 
United Nations and stressed the building of 
trade and commercial bridges to Africa. Asia 
and Latin America during his two terms as 
Atlanta's mayor in the 1980s. 

At various times in the last 10 years Mr. 


Young, through his modest foreign trade and 
consulting business, was a consultant to the 
bank, providing it with contacts in more than a 
dozen Third World countries including Nicara- 
gua, Guatemala, Tamhia and Tanzania. 

He said these contacts included businesses 
and government officials. All these activities, he 
said, were proper and in noway compromised 
his functions as mayor of Atlanta. 


The Pakistani founder of BCCI has blamed 
management for its collapse, Reuters reported 
from Karachi, Pakistan. 

“It never occurred to me that this could 
happen," the ailing Mr. said in an interview 
with the Pakistani daily Nation published on 
Monday. Mr. Abedi, 69. suffered two heart 
attacks in 1988 before having a heart transplant 
in London. “After ray heart attack I was never 
informed as to what was going on in the bank," 
he said. 

Mr. Abedi said neither the Bank of England, 
which spearheaded the closure of Luxembourg- 
based BCCI by world banking authorities on 
July 5, nor Zayed ibn Sultan an Nahayan. the 
ruler of Abu Dhabi and BCCI's principal share- 
holder, were responsible. “Only the manage- 
ment is responsible for what has happened." 

Meanwhile, the United Arab Emirates gov- 
ernment announced Monday it had stopped 
transferring salaries of its civil servants to 
BCCI accounts, Agence France Press reported 
from Abu Dhabi. 

, In Hong Kong on Monday, about 150 angry 
BtCl depositors demanded that Governor Sir 
David Wilson take action to release millions of 
Hong Kong dollars locked in local branches of 
the bank, Reuters reported. 

A buyer is being sought for the Hong Kong 
subsidiary. 


It would be the first time that the 
emirate — which was tbe Middle 
East's founh-largest oil exporter 
before tbe war and sits on overseas 
investments estimated to be worth 
5100 billion — has had to knock at 
the doors of international institu- 
tions for cash. 

Kuwait's oil exports slopped 
when Iraq invaded last Aug. 2. 
Hundreds of sabotaged wells are 
stil] ablaze and the ml dollars are 
not expected to start rolling in 
again until the end of the year. 

Latest estimates suggest Kuwait 
will have to spend about 520 billion 
on reconstruction. In addition. Fi- 
nance Minister Nasser Abdulla al 
Rodhan said in June that the cost 
erf financing the military operations 
of the U.S.-led allies amounted to 
522 billion. 

Proposals also have been made 
for the government to write off all 
commercial debt and pay each 
family 530,000 in compensation for 
damages suffered during the seven- 
month Iraqi occupation. 

Bankers said the emirate, sitting 
on about 10 percent of the world's 
known oil reserves, would have lit- 
tle difficulty io raising the money, 
probably in stages. 

“Kuwait is a potentially rich 
country with no debt.” one Kuwaiti 
banker said. 

He said the authorities would try 
to obtain the best terms by tapping 
a network of markets. “They wfl] 
do it the Kuwaiti way, through 
skillful negotiations,' he said. 
“There will be no rush.” 

Kuwait has more than 5100 bil- 
lion of overseas assets. Before the 
invasion, these generated about 50 
percent of the more than 520 bil- 
lion in foreign currency Kuwait 
earned each year. 

The emir's decision to borrow 
abroad aims to avoid upsetting in- 
ternational markets by selling off 
overseas assets, and leaving the 
country’s financial cushion intact. 

“The muscle of Kuwait is our 
financial strength," Abdullah al 
Gabandi, managing director of the 
Kuwait Investment Authority, said 
in a recent interview. “If we sell 
assets, we lose our strength." 

The newspaper Al Qabas said 
the emir issued the decree this 
month, but the three-paragraph re- 
port gave no dale, did not say when 
the government expected to begin 
borrowing and did not specify how 
the money would be used. 

Tbe government, which expects a 
deficit of 580 billion over the next 
five years, has begun borrowing at 
home. (Reuters. AP) 


Opaque Tradition Circled by Loopholes 

Financial World Wonders Which Japanese Law Covered the Stock Scandals 

operates very obviously benefits 
the privileged players and is diffi- 
cult if not impossible to understand 


By James Stemgold 

New York Times Serdce 

TOKYO — The world has 
grown so accustomed to Japan's 
peculiar way of dealing with scan- 
dals that few people have noticed a 
remarkable fact running through 
the resignations, suspensions and 
pay cuts in tbe current stock mar- 
ket upheaval; There has yet to be a 
judicial proceeding, hearing or 
even modest attempt to relate the 
finny of penalties to a statute. 

Japanese officials do Dot seem to 
have sensed the slightest irony in 
the fact that they are responding to 
a scandal that is essentially about 
an unwritten code by turning to an 
informal code that is opaque to all 
but those in power. 

• Why did the finance minister 
dock_his own pay by 10 percent for 
three months? 

• Was it excessive or lenient for 
the Big Four securities firms — 
Nomura, Daiwa, Nikko and Ya- 
maichi — to be forced to stop solic- 
iting business from institutional 
clients for four days? 

The rule books do not provide 
answers. In some ways, responses 
to the scandal have been more til- 
ing than the facts, whatever they 
maybe. 

Since no charges have been filed, 
no official has said what crimes 
were conumued or why tbe punish- 
ment accepted by those involved 
was denned fining. 

These incidents underscore a 
question that will linger after the 
government officials and securities 
executives return to their golf 
dubs, late night drinking spots and 
old practices: Are Japan's financial 


markets ruled by law, or by the 
whim of bureaucrats? 

The public, including foreign in- 
vestors, has been given no means of 
judging for themselves whether jus- 
tice has been done, or how the laws 
would be applied in another case. 

“We probably have as much con- 
tact here with the Finance Ministry 
as we do irith the New York Stock 
Exchange back in New York.” said 
Maynard Toll, head of CS First 
Boston’s Japanese operations. “But 
here you go over to the ministry 
and they give you some ‘guidance,’' 
which is so vague. And they like to 
keep it oraL” 

re- 


spond to criticism of their 
by saying that theirs is a system 
based on harmony and consensus, 
not litigation. 

Any pretense of harmony in this 
case has been shattered, however, 
by the protests of Yoshihisa Tabu- 
chi, who resigned earlier as presi- 
dent of Nomura, the world’s largest 
brokerage house. 

Mr. Tabuchi insisted that No- 
mura was actually following the 
ministry’s guidance when it im- 
properly compensated a small 
group of institutional customers 
for stock market losses. Nomura 
officials are now saying, in what 
appears to bea threat to the minis- 
try, that if called upon to testify 
before the parliament, they will 
give all the facts. 

“This kind of behavior is indica- 
tive of the lack of rule of law in 
brokering these power relation- 
ships," said Bob Greig, a partner 
here with the American law firm of 
Cleary, Gottlieb, Steen ft Hamil- 
ton. “The system as it currently 


for the less privileged or foreign 
players." 

The scandal has made clear that 
the dictates of the bureaucrats 
mean more than the letter of the 
law. The largo: question is whether 
the scandal will change thaL 

There have been proposals to 
create an institution like the Securi- 
ties and Exchange Commission. 
Bureaucrats dismiss such sugges- 
tions out of hand as incompatible 
with the consensual system. 

“Nobody believed there would 
be real changes in the first half of 
the scandal," Mr. Toll said. “But 
the Japanese press really is going 
after this, which makes you won- 
der." 

There have actually been two 
scandals. 


In one, the major securities 
houses have confirmed reports that 
they improperly compensated a se- 
lect group of big clients for stock 
market losses during last year's col- 
lapse. 

Were guarantees made? Even 
when the presidents of Nomura 
and Nikko resigned to take respon- 
sibility for the negative publicity, 
no public answer was ever provid- 
ed. 

The second scandal involves 
links between tbe brokers and an 
organized crime group. Nomura 
and Nikko reportedly offered more 
than 5100 mulian each in financing 
to Susumu Ishii, a top crime ramily 
boss, and then helped him execute 
orders that were apparently part of 
a share-manipulation scheme. 

Were laws broken? No one has 
answered that question either. 


Public TV Chief in Japan Resigns 
For False Testimony to Parliament 

The Associated Press 

TOKYO — The chairman of the Japan Broadcasting Corp.. the 
semipublic radio and television network, resigned Monday for 
making false statements to parliament. 

The resignation of Keiji Shima, head of the huge media group 
known as NHK, followed numerous reports that he lied about his 
whereabouts on the day a rocket carrying an NHK communications 
satellite exploded after liftoff. 

“I have decided to resign after feeling the deep responsibility for 
ray incorrect statements, which could harm NHK's credibility," he 
sakL No replacement for Mr. Shima has been named. 

Tbe executive bad told a lower house committee in April that be 
monitored the April 18 launch at the New Jersey headquarters of 
General Electric Co. He also filed a ministry report to that effect. 

Two months later, Mr. Shima acknowledged reports that he had 
been in Los Angeles on the day of the launch. 

The rocket and satellite exploded five minutes after liftoff from 
Cape Canaveral. 

NHK had ordered the satellite, which was insured, to replace one 
that was destroyed in tbe explosion of a European Ariane rocket in 
1990. 

The loss caused concern in Japan that television broadcasts via 
satellite would be disrupted. 



CALOR. ROWENTA. SEB. TEFAL 

FIRST SEMESTER CONSOLIDATED SALES 


[FRF millions] 

1991 

1991/1990 

19 sliding 

months 

France 

1 259 

+ 

* 5*tl 

Germany 

526 

4-20% 

♦ 87‘V 

Ocher countries 

1 758 

* 9 1 -: 

^ 11 

Total 

3 543 

♦ 8 to 

+ 11.% 



<• HUH' («pr BC- 


til rttwi a ru/y tit im JS3P Amnini Rr< w* 

GruuUuSCO. Settnv Cie>e , »u>n\tHU’ 

HP i v S91.K* £/!».' t ract* FfUM> ■-■ph™* IJ3 i i\Yl W .{■ : 
fMvta 1 ml a ,U i* / if / rap*.'t . ■ 


Audemars Piguet and 
Nick Faldo. Where perfection 
is die only standard. 


Royal G hk 

iMemars Piguet 








Page 10 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JULY 16, 1991 




MARKET DIARY 


Bank Sector Rally 
Gives Stocks a lift 


United Pros International 

NEW YORK — Prices closed 
higher for a third consecutive ses- 
sion Monday on the New York 
Stock Exchange, boosted by a 
strong rally in the banking sector 
following the announcement or a 
merger agreement between Cherai- 

M.Y. Stocfcs " 

cal Banking Corp. and Manufac- 
turers Hanover Coip. 

The Dow Jones industrial aver- 
age. which jumped 21.02 points 
Friday to score an overall weekly 
gain of 48.30 points, moved up 9.84 
points to 2.990.61. 

Among the broad gauges, the 
NYSE composite index gained 1.30 
to 209.46 and Standard & Poor's 
500-stock index rose 1.98 to 3S123. 
The price of an average NYSE 
share jumped 21 cents. 

Advances topped declines by a 
3-to-2 ratio. Adjusted volume 
amounted to 161.7 million shares, 
down from 174.8 million Friday. 

Stocks ended higher in tandem 


with NYSE issues on the American 
Stock Exchange and in (he over- 
the-counter market. 

Joseph Barth d, director of tech- 
nical strategy at Hopper, Soliday & 
Co. in Great Neck, New York, said 
the Fed report on June industrial 
production “portrayed a growing 
economy and helped to boost 
stocks.” 

Chemical Banking paced the Big 
Board actives, jumping 2ft to 26 
while Manufacturers Hanover was 
second, surging 6 to 29ft. 

The merger sparked a broad rally 
in other banking stocks. Banka- 
merica jumped 1% to 37^4, Citicorp 
gained ft to 14ft and Bankers Trust 
gained 1 to 51 

In a strong drug sector, Synlex 
Corp. gained ft to 41 ft, Pfizer 
gained ft to 58ft, Merck & Co. 
jumped I ft to 121ft and Bristol 
Myers gained 1ft to 83ft. 

Time Warner slipped I to 88ft 
after announcing a new rights of- 
fering to replace an earlier rights 
offering. 


Shell-Shocked Traders 
Push Dollar Up Slightly 


Return 

NEW YORK — The dollar 
dosed slightly higher Monday after 
Friday’s massive central bank dol- 
lar-selling. with market partici- 
pants reluctant to establish signifi- 
cant positions. 

“A lot of people were shell- 
shocked after last week." said Rich- 
ard VuUo. senior marketing repre- 
sentative for Bank of Montreal in 

Foreign Exchange 

New York. Speculators dominated 
Monday's trading, he said. 

The dollar ended at 1.7917 Deut- 
sche marks in New York, up from 
Friday's finish of 1.7895 DM. 

The dollar also closed at 137.00 
yen. up from Friday's finish of 
136.40 yen. 

The dollar opened with a posi- 
tive note after stronger than ex- 
pected U.S. economic data. Bui lin- 
gering fear from Friday's concerted 


central bank intervention kept the 
dollar from breaking 1.80 DM. 

“People were burned last week 
and wanted to prevent it from hap- 
pening again,” Mr. VuUo said. 

But buying interest arose and the 
dollar erased most of its losses. Any 
players who entered the market 
Monday wanted to take profits 
quickly and return to the sidelines, 
traders said. 

The dollar closed at 1 .5505 Swiss 
francs, up from Friday’s 1.5493, 
and at 6.0815 French francs, up 
from 6.0730. The British pound 
rose to close at $1.6510 from Fri- 
day’s $1.6493. 

The doDar ended earlier in Lon- 
don at 1.7915 Deutsche marks and 
1 36.90 yen, below Friday’s close of 
1.7960 DM and 137.15 yen. 

The U.S. currency also dosed in 
London at 1-5524 Swiss francs, 
down from Friday’s 1.5560 close, 
and at 6.0875 French francs, up 
from Friday’s 6.0850. 


Via AuecfaMd P>m 


July 15 


The Dow 


Dally dosings of the 

Dow Jones industrial average 

5100 



2300 


J F M A M J J 
1991 . . . 


Dow Jones Averages 


Own High Lew Lost dig. 

Indus 2980.99 3007 4| 296579 299U1 + U4 
Tram 130874 171577 1198/3 1207.89— 070 

uni mn 199.4s 197/6 ima + am 

CURB 100.11 1049J9 105470 108134 + JJ2 


Standard A Poor’s Indexes 


High Lew one OTpe 


Industrials 

Tram 

utilities 

Finance 

SP 500 

sp in 


3S 

was 

3049 

aus 

364,92 


*084 455.93 + 277 
27259 39X27 — 0.78 
137.34 13747 — 0.17 
39.78 3048 +088 
38074 382J9 +214 
38233 16478 +144 


NYSE Indexes 


EHT 


NYSE Most Actives 



VOL 

High Law 

Lost 

CM- 

ChmBnh 

51 191 

27Vj 

24 

26 V* 

+7U 


3069 


21 

299* 

+6to 

Waste 

26977 

369* 

35V. 

3S4* 

+ 9* 

PapsIC s 

24053 

30 V* 

29 Vi 


+ to 

TelMtxn 2289S 

319* 

30 

31*6 

+196 

Chase 

222S1 


I9to 

199* 

+11* 

RJR Nb n 20774 

lift 

life 

llto 

+ te 

PhllMr 

19604 

689* 

67*11 

689* 

+lto 

TrllEno 

14986 

WO 

23to 

749* 

+lto 

Block E s 

15408 

9V, 

9V, 

9to 

+ ** 

WstaES 

15383 

2S*fe 

2«te 

749* 

— Vi 

WarnLS 

14127 

74 

am* 

ww* 

— 3 V, 

Citicorp 

13778 

149* 

mv* 

149* 

+ 9* 

AMO 

13108 

134* 

124* 

13H 

+ 4* 

TlmeW 

12878 

BTC, 

86*6 

88 VC. 

—IV* 


AMEX Most Actives 



VaL 

High Law 

Last 

Chg. 

EcnoBv 

4896 

M 

94* 

10 

+ 4* 

Nabors 

3610 

59* 

Ste 

5to 

+ 4* 

DowCrl 

33S5 

796 

7 

716 

— to 

WangB 

2094 

3M 

316 

39* 


EN5CO 

2040 

29* 

24* 

296 

— v* 

IvaxCps 

1904 

38*6 

2Wk 

38*6 

+196 

FAusPr 

1847 

law 

10VW 

mt 


Hasbro 

1838 

291* 

29to 

29V* 

— to 

GrtrniFI 

1832 

84* 

Bte 

8** 

+ 4* 

TubMex 

1731 

lOto 

low 

109* 


ForstL 5 

1694 

«** 

39 

40V* 

+19* 

CtzFst 

1557 

3V* 

24* 

3Vh 

+ to 

ChDvAs 

1536 

2»te 

28*6 

29V* 

— to 

Elan 

1416 

339* 

Xfte 

3391 

+1V* 

AHIIMa 

1359 

3to 

2te 

3 Vs 

+ te 


NYSE Diary 


Advanced 

Close 

994 

Prev. 

1024 

Declined 

597 

520 

Unchanged 

466 

544 

Total Issues 

200 

2088 

New Highs 

91 

78 

New Laws 

3 

13 


Amax Diary 



Close 

Pm 

Advanced 

290 

311 

Declined 

267 


Unchanged 

260 


Total Issues 

117 


Now Highs 

21 


New Laws 

8 



NASDAQ Diary 


Advanced 
Dacllnwi 
Unchanged 
Total issues 


1417] 

759 

2286 

4.118 


74781 

714 

2JB3 

4.118 


High LOW aon am 
Composite 309.53 20840 30949+ 123 

IMurtfttitS 26X87 24294 26U7 +146 

Tram 17721 17653 17175-935 

Utilities m00 89 JB 89.97 +0.04 

Finance 15348 15241 15346 +2J8 


NASDAQ Index* 


High Law aose Cim 


Commute 

Industrials - 

Finance 

Insurance 

u Millies 

Banks 

Tram 


49645 

55424 

48643 

546.18 

56644 

32545 

51654 


49167 

5502 

*8051 

54120 

56140 

32120 

50940 


496.19 +348 
55347 +446 
48624 +5.96 
54527 + 1.95 
56654 +053 
32445 +345 
51145 - 423 


AMEX Stock Index 


High Low dose cim 
365.70 36343 365.70 + 144 


Dow Jones Bond Averages 


20 Bonds 
10 Utilities 
10 Industrials 


9426 

9520 

9321 


+ 043 
+ 0.11 
— 047 


Market Seles 


NYSE i D-m. volume 159240400 

NY5E prov. cons. Close 210287260 

Amen 4 cun. volume 102904m 

Ames orew. cons, dose 11. mil 00 

NASDAQ 4 PJTh volume 137,952400 

NASDAQ orev. 4 Ml volume 155467500 
NYSE volume UP Ttejiozoo 

NYSE volume down 33261400 

Amex volume up 4413200 

Amu volume down 3292.100 

NASDAQ volume uo no. 

NASDAQ volume down njj. 


TO OUR 

readers 

IN 

BUDAPEST 

Hand delivery 
of the fHT 
is now 
avcdabfe on 
the day of 
puhEajfioa 
Gaff today: 
1757735 


BANKS; Chemical and Manufacturers Aim to Achieve Savings and Size 


(Continued from page 1) 

bank chairmen at a joint news con- 
ference. 

They announced a plan to ratio- 
nalize operations by dosing a large 
qumber of their 70 overlapping 
branches in Manhattan and cutting 
an estimated 6.200 jobs, almost all 
of them in the New York area. The 
savings in personnel, real estate, 
and back-office costs are estimated 
at about $650 million annually. 
The brunt of those savings will be 


squeezed out of the already de- 
pressed New York City economy. 

The pluses of the deal, Mr. 
McGillicuddy said, will be a more 
profitable and larger bank with 
greater capital that will be able to 
play to what he sees as its main 
strength — syndicating loans for 
coroorate clients through a world- 
wide money-raising network. 

“You really have to have dout 
for that,” he said. “To do that we 
really will have to restore the orga- 
nization's credibility in terms of the 


rating agencies and the analysts. 
We have to improve our ratings 
and bring them back to double-A 
status.” 

After the merger is complete, 
Chemical plans, to issue SL25 bil- 
lion in new stock to raise its core 
capital to more than 6 percent of 
assets, or above the new interna- 
tional safety standards. Mr. 
McDermott expected investors to 
go for the stock after the new giant 
gets its house in order. 

But Frank Suazzo, senior bank 


analyst of S. G. Warburg in New 
York, said he did not see the new 
Chemical becoming an internation- 
al powerhouse for some lime be- 
cause it will lake at least two or 
three years for the bank to regain a 
double-A rating; 

Both banks also released second- 
luarter earnings. Manufacturers 


ft 


lanover said its earnings jumped 
to 78 cents a share from 31 cents, 
while Chemical Banking slipped to 
82 cents from $1.02 a share. 


WORLD STOCK MARKETS 


AgnuFmnPm July IS 
Clou Prov. 


Amsterdam 


ABN Amro HW 

37/0 

37JO 

ACF Holding 

36 

36 

Aegon 

11110 117.70 

Ahold 

82/0 

DUO 

Akzo 

ii4 nua 

AMEV 

50.10 

SOJO 

A "Dam Rubber 

3-45 

3/3 

Bo Is 

199 

201 

Bwhrmann Te*t 

49.70 

SOJO 

Canter Pares 

26/0 

27 

C5M 

82/0 

I Jl 

DAF 

22.10 

1*1 

DSM 

urt.'iw-r.) 

Elsevier 

86J0 

U 

Fokker 

3440 


Gtat-Brocodes 

31.90 



150.70 151158 

Hoooovens 

59/0 


Hunter Dauclas 

87/0 

1 ■ jt.'il 

IHCCalond 

61 


Inter iWueder 

83 

mSM • 1 

int’l Nederland 

48.40 

48.46 


30 


r.Np 

53J0 

B. ra ICI i ■ 

Nedliovd 



Oce Giinten 

ft -Ml 

■TlTj 

Pakhoed 

191 /B 


Philips 

30/0 


Robeco 

ki'iFMMv M 

Rodamca 



Rollnco 


Rarenlo 

4870 


Roval Dutch 


Unilever 

Ir^MfJx-l 

Van Ommeren 

ASM 



47.10 


VNU 

75/0 


Wessonen 

84/0 



52J0 

5220 

CBS (rend Index 
Preview : VXM 

: 93/0 


Brussels 


AG Fin 

1800 

■830 



r l 

Barca 

1098 

Irtrl 

Bekoert 

9490 

9410 

Cockttlli 

173 

172 

Cabena 

4980 

*9®l 

Oeibglie 

7910 

7TO 

Elect rabei 

4410 

4425 

GB-Inna-BM 

1270 


GBL 

3470 

3475 

Gevaert 

<>680 

*760 

Hoboken 


Inter com 

19125 191/D 


W3Y,E 

t 1 

L . u .L., ■■ 

11700 11725 

Roval Beige 

4250 


Sac Gen Bwe 

v| 

1 -.1 

Soc Gen Beta taue 


KEl! 

SoBno 

■ i.viii; -i 

Solvav 

irv'-lhHil 

Troctebel 

■LkvJ 

Hifl 

UCB 

IT. IvlrTvI 

Pamrtln 

2333 

2330 

OwrratSt^Wex: 575073 

Frankfurt 


AEG 

194 

194 


Allianz Mom 
A ltana 
Asfco 
BASF 
Baver 
Bov. Hypo bank 


2230 2230 
63563050 
883 SKI 
2413024130 
2792027920 
351 350 


Bov VerMnsbk 37850 378 


BBC 
BHF Bank 
BMW 

Commerzbank 
Continental 
Daimler Benz 
Droussa 
D1 Babcock 
Deutsche Bank 
Douotas 
Oresdner Bank 


Henkel 
Hochtief 
Hoedol 
Hoesdi 
HoUmam 
Horten 
IWKA 
Kali Sob 
Karstodt 
KauflvH 

KHD . .. 

KtawAnerWerke 14158 140 
KnisoSioni 15158 147 

Llnae 
LuUhanjo 
MAN 

Mannes m ann 
Meioiireeii 
Muencb Rueck 
NUdort 


640 836 

3B138S50 
49348550 
247 347 

16918940 
756.M753J0 
366 365 
T70J0171.40 
633 631 

796 792 

356 356 

334 330 

566 563 
1380 1385 
250.90251 JO 
366264/8 
1353 1165 
304 304 

33350 330 
177.90 ID 
66466050 
4*2 493 

18130 185 


PKI 
Porsche 
Preirasag 
PWA 
RWE 

Rhein metall 
Sc her i no 
5EL 

Siemens 

rumen 


830 no 
13150 133 
37517540 
27350774 40 

51720 5W20 

3385 2375 
150 251 
SOS SOS 
83950 535 
J61J3 361/0 
28020 285 
39040 390 
337 337 
249 83* 
363 1 Q 366 
65465440 
23160 IE 


Clow Prov. 

Varto 329 JO 336 

VMM 34350 338 

VEW 199.70 m 

Vtoo 384 383 

Volkswagen 38137940 

Wrlla 660&58L50 

□AXladex : 8 

Previous : 


Helsinki 


Amor A 

58 6050 

Enw-Gutnll 

1870 

17/0 

icap. 

33 

33 

Kvmene 

63/0 63/0 

Metro 

70 

M 

Nokia 

90 

91 

Pohlota 

93 

93 

Reaota 

51 

54 

Stockmann 

130 

I2S 




Hong Kong 

Bk East Asia 18J0 1320 
Cathay Pacific 8.75 BJ5 
Cavendish Inn 178 173 
Ojeunp lcono i960 I9J0 
China Light Pwr 71 JO 20JD 
Dairy Farm Inti 10.70 10.90 
Mono Lung Dev 7JU 745 
Hang Sena Bank 3140 J1JS 
Hmderwn Land 1170 1240 
HK Air Eng. 10.70 I860 
HK China Gas 11 li 
115 F*E2 rle mo liio 
HK Lend 8.90 880 

hk Realty Trusl 5.90 390 
HK Shana Bank 21 28 

hk Shana Hits 445 443 
HK Telecomm 6J3 6.75 
HK Ferry U) tin 

Mulch Wha mp oa 1340 1SJ0 
Hysan Dev 7.70 740 

Jordlne Mom. 1540 337S 
JartHne Sir Hid IS. 10 ig 
Kowloon Malar 745 7.40 
Mandarin Orient 445 443 
Miramar Hofei 540 355 

SHK Proas 2140 2IJ0 

SPlnr P« A 21 JO 21 JO 
Tol Cheung Pros 445 445 
TVE 1.60 141 

W|Wrf HoW 9J5 940 

Wing On Co 7J0 740 

Wlnsor Ind. 945 9.90 
World infl 355 uo 

R532r?fcSf, :3MW2 


Johannesburg 

AECI 
Alieeh 
Anpla Amor 


1325 1325 
NA 


Barlows 
Blvvoor 
Buffels 
Oe Beers 
Drletanteln 
Cencor 
GFSA 
Harmony 
HtohvcM Steel 

KlOOf 

Nedbank Grp 


N.Q. 


RuMtaf 71 

SA Brews N.Q. 

St Helena N.Q. 

Sasai N.Q. 

Weikom N.Q. 

Wesfern Deep NQ. 
Coamaslte Stack ladex : 3442 

PrWNEl , JWf 


London 


Abbey Nan 
Allied Lyons 
Arlo wioolns 
Argyll Group 
ASOA Grow 
Ass Brit Faoas 
BAA 
BAa 

Bank Scotiond 

Borders 

Bass 

BAT 

BET 

BICC 

Blue circle 

HOC Group 

Boats 

BP 

Bril Airways 
Bril Gas 
Brit Steel 
Bril Telecom 
BTR 

Cable Wire 
Cadbury 5ch 
Comm union 
Caurtaulds 
Enterprise 0<l 
Eurotunnel 
Fisons 


Z26 

S41 

US 

323 

0.96 

307 

425 

367 

1.12 

444 

«-32 

7.60 

127 

*49 

240 

575 

396 

350 

170 

247 

120 

366 

393 

368 
3.77 
336 
435 
539 

445 
5.08 


3.78 

541 

242 

325 

0.93 

SJO 

470 

365 

128 

441 

7.18 

745 

123 

*45 

247 

543 

398 

345 

146 

LSI 

IJ5 

361 

345 

546 

377 

313 

4J3 

5J4 

4.43 

494 


Forte 
GEC 

Gen'l Acc 
Gloria 

g rand Mel 
RE 

Guinness 
GUS 
Hanson 
Hawker Sldd 
Hittsdown 
ICI 

Kingfisher 
Lodbrokc 
Land S«C 
Lasmo 

Legal Gen Grg 
Uayds Bank 
Lonrho 
Lucas mo 
Marks So 
Maxwell 
ME PC 

Midland a* 

Noll Power 

NotWesi 
NlhWsl Water 
Prerwn 
P&O 
Pllklngtan 
PowerGen 
Prudential 
Rocal Elec 
Rank Ora 
Reckltl Col 
Redlond 
Reed infl 
Reui ere 
RMC Group 
Rolls Rayce 
Rothmans 
Rovol Ins 
Roval Scof 
RTZ 

Salnsburv 
Scot Newcas 
Sears Holds 
Severn Trenf 
Shell 

Sail Hi Nephew 
SmlthKIIne B 
Sun Alliance 
Tarmac 
Tate & Lyle 
Tesca 
Thom EMI 
Trafalgar Hse 
TSBGrom 
UlSratnar 
Unilever 
uta Biscuits 
War Lean 3lb 

Wellcome 
WBffbreod 
Williams Hdgs 
Willis Corroon 

HflK- 


Claw Prev. 

245 

2/0 

1/9 

171 

139 

533 

12/7 

1147 

7/7 

777 

1/4 

L84 

974 

9/fl 

15/0 

15/0 

2/6 

2JM 

575 

5.13 

231 

225 

12/5 

12/0 

5.13 

5JD 

250 

243 

4/5 

4/1 

3.40 

136 

■ 431 

412 

3/2 

132 

2/8 

2/3 

1/0 

134 

2/6 

166 

I.M 

2JD 

4/6 

4/3 

1.90 

1/0 

1/3 

139 

116 

199 

N.Q. 

277 

7.13 

7.13 

533 

533 

153 

1/0 

1/0 

1/7 

236 

232 

216 

211 

638 

434 

>6/0 

1418 

5/0 

5/3 

432 

420 

BJ0 

8.10 

633 

429 

1/6 

1/7 

9/8 

978 

4JP 

409 

1/0 

1.7S 

5.91 

479 

163 

3/6 

4/2 

4 

0.74 

074 

NJ3. 

2/5 

5J5 

415 

132 

132 

110 

7.98 

168 

165 

230 

217 

378 

177 

2/1 

2X2 

730 

734 

2/6 

238 

1/2 

137 

274 

272 

7/3 

7/8 1 

197 

192 

34.97 

34/8 | 

732 

4.77 

4/5 

465 

123 

112 

109 

3J04 

.1* p/8 



i Madrid 


Bco. BIJboo/vic. 






Beo. Ssailondor 

SUM 

5040 


3788 

3800 




iberduero 

654 

652 

Tetotantao 

757 

945 1 


1 Milan 


Aten la 



Bona Comm 

4400 

4458 

Basuoi 



Benetton group 



Cigoholels 

2410 

2430 




Creditai 



EMebem 

14d@ 

1470 

Erldanla 


7070 

Ferfln 

■ >rl 


Ferfln Rlso 



Plot SPA 



Generali 

315» 3185® 


15350 15450 1 S 

itaJcrm 

Il li’ 11. 

itataM 

3123 

3086 2 

Malmoblim 

69550 7D2U 1 5 


t; l ii, 


■ V :/ 

1488 ? 

Olivetti 

3730 

3780 § 

Pirelli 

2024 

7on * 

RAS 

19201 19300 1 v 

Rlnoscente 

7100 

69oo y 

Salpem 

1532 

1590 5 

SIP 

1083 

1092 p 

SME 

■ - 1 

,||P 

Snlq 


tKlfi 

Sianao 

\ >11 

Sfel 


F^np 

Tara Aur Risp 





Previous; iM3 


A 


Montreal 

Atom Aluminum 23*6 ZS 3 * 
Bonk Monfreol 35*6 35*i 
Belt Conado *3 4319 


Bombardier A 
Bombardier B 
Camblar 
Ccscoto 
Dominion Text A 
Donohue 
MacMillan Bl 


Noll Bk Canada 
Power Corn. 
Prov loo 
Quebec Tel 
Quebecor A 
Qurtwcor B 
VMeotron 


OoMPrev. 

23 22*1. 
22% 22% 
10M 10*6 
4.90 4.90 
7to Tto 
N.Q. V4V| 
20*8 20*6 
9M 9*6 
llHb ll»b 
15*6 15*6 
11 11»% 
15*6 15*6 
NJ1 — 
N.Q. 1616 

N.Q. 13*6 

157371 


Paris 


Accor 

Air Liouhfe 
Alcatel Abitiem 

Bancalre (Cle) 

BIC 

Bongraln 
Beuygues 
BSNOO 
Carr clour 
Cerus 
Chorgeurs 
Oub Mea 
Dassault AvkJtn 
EH-Aaullolne 


778 773 

664 665 

574 574 

528 520 

744 743 

2359 2390 
539 547 

880 871 

1909 1910 
>26 130 

732 725 

446 43440 
488 478 

34090 341.19 


Europe 1 1050 1059 

Gen. E mm 7355 2400 

Hodwtte 18770 IBS 

Havas 45820 459 

imefol 289 290 

Lataroe Coupee 351 351.10 


Legrand 

Oreal (L'i 

L.VJ7LH. 

Matro 

Merlin Gerln 
Michel In b 
M oulinex 
QeekSenJaie 


Pernod- Rlcard 
Perrier 
Peugeol 

Prbilempi (Au) ... 

Radlo>echntaue 456.10 464J0 
Roil. St. Utah 1445 14» 


3515 3504 
997 5*8 

4087 4100 
203 203 JO 
47840 478 

97.15 9770 
1444014720 
7*1 762 

414 416 

1172 1171 
1424 1419 
579 578 

75* 759 


Redoufe {La) 

Roussel uckri 
Sclnf Gobaln 
Sanofl 
5^.B. 

Skis RossJgnal 

Sto General* A 

Suez 

Thomson-CSF 

Total 

Vateo 


8SSS4- f^WiS"- 77 


4300 4150 
1728 1730 
458 451 JO 
850 840 

ISM 1505 
614 620 

<79 *7360 
346 343 

BX 915 
508 506 


Saa Paulo 


28J0 


8750 9* 

7 JO 7M 
38J0 40 

4J3 440 
1780 S3A3 
183 190 

38 


Singapore 


■hi. iwwnv 

Lurn Cltang 
5*®*Pv«n Bonks 


316 316 
1170 12 

7AQ I 

1 JO 177 
2J4 134 

394 J70 
4J22 4.16 

745 7J5 
2J1 245 
1.J0 |.ll 
4-2o 4J2 

ss s 

*40 645 
6.40 6JD 
545 540 

?T7 2J0 

1330 1340 
375 175 
U0 U0 
132 2J7 
173 178 
6 JO 675 
1-53 l -S3 
144U4 


Stockholm 


Eleclrohix B 
Ericsson 
Essette-A 
Hondeisbonhen 
Norsk Hvdro 


315 

320: 

253 

253 

380 

383 

636 

621 

379 

277 

288 

284 

198 

l«B 

170 

168 

127 

126 

197/0 

197 


ProcordlaAF 
Sandvlk 
S-E. Ban ken 
Skanska 
SKF 
St ora 

Treilebora B 
Volvo 


190 195 

365 363 
79 
401 410 

111 110 
380 380 

135 135 

385 389 


AftaerevacrHcB : 1174J0 
Previous : 112470 


Sydney 


ANZ 379 381 

BMP 1305 1390 

BOTOl 339 137 

Bougainville 075 077 

Coles Mver 1085 loss 

Comal co 393 190 

CPA 1185 1375 

CSR 544 540 

Dun loo 5.19 576 

Fosters Brew 1 J8 1 J7 

ICI Australia 412 4.12 

Mogclion 310 2T0 

MIM 1.77 1.95 

Nat Aust Bank 674 676 

News Carp 770 740 

Nine Network 052 052 

N Broken Hill 2J5 333 

Poseidon 1.17 1.14 

OCT Resources IJ9 1J7 

Santas 142 3J9 

TNT 079 079 

Western Mining 57* 572 

Westnac Banking 450 449 

WPodsldc 136 340 

Ail- 

Previous 


Tokyo 


1350 1280 

>38 i3 

1300 13U 
I960 1070 
1600 1580 

1520 1480 

622 619 


Akai Electr 
Asahi Chemical 
Asahl Glass 
Bank of Tokyo 
Bridgestone 
Canon 
Casio 

Gltoh ... 

Dal Nippon Prim 1570 1568 
Da two House 1900 1930 
Dolwa 5ecurllles 11BO 110a 

Fanuc 

Full Bank 
Full Photo 
Foilfju 
Hitachi 
Hitachi Cable 


5280 5260 

2500 2500 

3660 3620 

20^8 less 

11*0 1170 
1130 IlOO 
1510 1510 
4590 4540 
1150 1150 
1490 1470 
2780 2710 
407 377 

1478 1470 
884 889 

660 660 
6650 6600 
1730 1720 


IM YokOOO 
cm Airlines 
Kaltma 
Kansm Power 
Kawasaki Steel 

Kirin Brewer y 

Komatsu 
Kubota 
Kyocera 

Motsu elec tads .... 
Matsu Elec Wks 1580 1540 
Mitsubishi Bk 2500 2440 
Mitsubishi Kasel ' ‘ ‘ 

Mitsubishi Elec 

MtsublshlHev 

Mitsubishi Cara 
Mitsui and Ca 
Mltsukashl 

Mitsumi 
NEC 

NGK Insulators 

NUtko 5ecurllhn 

Nippon Kogaku 

Nippon Oil 
Nippon Steel 
Nippon Vusen 
Nissan 
Nomura Sec 

NTT (SF> 

Olympus Optical 7360 1360 
Pioneer 4170 4140 

Ricoh 
Sanya Elec 
Sharp 
ShJmazu 
Shtnetsu Chem 
Sony 

SamltamoB* 

Samnamo Chan 
SimW Marine 
Sumitomo Metal 
Tohei Corn 
Tataho Marine 
TofcedaChtm 
TDK 
Tdl In 

Takva Marine 

Tokyo EMC Pw 

Toepon Printing 1420 1420 

Tarav ind. 420 630 

Toshiba 758 759 

Toyota 1*88 1670 

YamatoH Sec 898 858 

ti 225 : 2MS9 

toJ^Sm 

Previous : TIM 


519 515 

710 710 

7*1 731 
1218 1160 
740 72* 

1170 1180 
1790 1730 
MOO 1470 
1080 I860 
898 871 

1190 1200 
730 936 
416 4M 
610 618 
735 729 

1769 1740 
9643 9632 


71* 710 

570 563 
1590 1580 
775 780 
1660 1640 
6290 6210 
7150 2150 
4M 4«B 
900 B0 
430 419 

930 915 
958 V2S 
1560 1550 
6320 6260 
519 520 

12M 1180 
3600 3560 


Toronto 


Afci rib. Price 
Agnjco Eagw 
Air Canada 


TS»; iJik 
* 

9*9 94 


OatePrev. 
Alberta Energy 12*4 I2*s 
AmBorrtdc Res 2714 2*1* 
BCE 4) 429k 

BCED 0.17 0.17 

Bk Nova Seal lu 1716 167k 
BC Gas 1514 15V. 

BC Phone lf*k 19V. 

BP Canada 14* 147k 

Bra mod ea 6*h **i 

Brunswick 7*4 TVi 

CAB 7Vk 7 

Camueau ft57 

CISC 30to 3®% 

Canadian Padlic 196b 19'b 


Can Pockets 
Can Tire A 
Canadian Turbo 
Cantor 
Cara 

CCL Ind B 
CUwpiex 
Comlnco 
Conwest Expi A 
Damson Min B 
Dickenson M/n A 
Dalai eo 
OvtexA 
Echo Bov Mines 
Eauity Sliver A 
FCA Inll 
Fletcher Choll A 
FPI 

GoWCorp 
Gull Cda Res 
Hees inn .. . 

Hernia GW Mines life 


Hoilinoer 


N.Q. - 
25W 25** 
2.10 2 

28lb 26 ik 
6*b 614 

10% 11 
5V. jvj 
34 Vk 74U 
13 13to 
0J3 
3 3 

22** 7IW 
4.95 435 
11** 10«» 

L20 IJO 

6V> 614 

1816 18% 

7 71* 

3J0 3 AS 
B*t 8** 
17 ** ira 
11 


EUROPEAN FUTURES 


Close 


High Low Prev. Close 


Food 

ilA^Doitanifer metric ton-kits of SB tons 
Art 23040 23240 23408 23OD0 OMO OUjl 

OCI 20340 704.60 207 JO 20*40 20740 20940 
Dec 18840 19540 19340 IWJD0 18840 mm 
up 19040 19140 19440 19040 19340 19£M 
Stay 19240 19140 19540 19540 1«440 1”40 
JSJ 19440 197.40 19740 19740 19*40 2W40 
Set 19740 20040 201.00 20040 2D040 20240 
Esi. Sales 46& 

Start?™ rernwlrtcroiHots el II tans 

Jol S91 595 390 589 581 590 

s«p 618 619 623 611 609 610 

rwe 657 *50 662 651 650 65l 

MW 692 6M 699 689 687 688 

M ay 713 714 720 711 710 711 

733 734 739 TO 729 TO 

753 754 738 750 7-ff 750 

Esi. Sales 4/71. 

S^dMNrnMMc ton -Ion of 5 tans 

& S §1 St S its m 

•gy S S « » ” « 

iEr m S 612 603 *12 613 

Est. Sales 3460. 

High Low do* «*e 

WHITE SUGAR (Mat It) 

Mlare per matrlc ton-tars of 50 tons 


310 N.T. N.Q. -H40 

277 276 37640 J7940 + 140 

267 N.T. 2*840 26? JO + 040 

271 N.T. 2485® 27050 Unen. 

N.T. N.T. 27140 27J0O + OX 

„ N.T. N.T. Z7340 276.00 UlKh, 
Est. soles 14*4. Prev. solas 894. 

Open Intoresi IG607. 


AM 

oa 

Dec 

Mar 

May 

AUO 


Metals 


Prevtous 
BW Ask 


pose 

Bid AM 

ALUMINUM 1MWI Grade) 

Mtarepernurtrtcton^ 13#lfl0 

Forward 133540 133740 1338.00 133940 

COPPER CATHODES (High Grade) 

Stor | togprrm»frlCi ,, « m o 0 lmoo 

Forward >34540 134640 134940 135040 

LEAD 

Stem™ per meirlctog 
Soot 327.00 339.00 331.00 33440 

Forward 33740 337 JO 33940 34140 

NICKEL _ _ 

Dollars per meMcton 

Forward MM KliSI 8*5040 067540 

pert^tjeta- 

Forward 572540 573ft«3 574540 575040 

ZINC (Speckri High Grade) 

Dollan per metric ton 

Spat 105440 105640 106040 106240 

Forward 106840 1069.00 107040 107240 


Financial 

High Law Close Change 
3-MONTH STERLING (LIFFB) 
ISOSMO-ptief IWPCf 

Sen 89/1 B9J7 89/1 -041 

Dec 8941 89J7 8941 +041 

Mar vam B9.94 89.98 +UI 

JIM 0944 89.79 89.82 +0.07 

Sen 89J8 89J4 8946 +043 

Dec 89/7 89/4 89 M + 041 

Mar B9J4 89J3 89J3 UnctL 

ESI . volume : 19 J30. Ooon to leresl ; 122461. 
3-MONTH EURODOLLARS (LIFFE) 
si mJUIoti • pig of Mo pci 


Sep 

9171 

9168 

9378 

— 002 

Dec 

9114 

9112 

73.14 

— 003 

Mar 

9108 

9105 

9108 

— OJQ 

Jan 

9268 

9267 

9269 

— 001 

Sep 

N.T. 

N.T. 

9227 

— 003 

Dec 

N.T. 

N.T. 

91/9 

— on 

Mar 

N.T. 

N.T. 

91.91 

—tun 

Jga 

N.T. 

N.T. 

91/8 

— 0.02 


Est. volume: 2492. Open Interest; 29J2L 
3-MO NTH EUROMARKS (LIFFE) 

DM1 mlllloa - Ft] of ISO pet 

Sea 9047 9042 9043 -042 

Dec J.143 W30 9041 -OJM 

»Sor 9140 90.97 9847 —0.01 

Jan 91.13 91.11 91.12 Unch. 

5ep 91 Jl FIJI 91 J1 —041 

Dec 91.0 91/2 91/2 —042 

Est. volume: 8447. Open Inieresi: 105447. 
LONG GILT (LIFFE) 

ESMM - pis A S2mls of 160 Pd 
Sep 92-04 91-21 91-31 +0-03 

Dec 91-26 91-24 91-30 + 0-03 

Est. volume: 9,911 Open interest: 3443L 


High 


Law dose Change 


GERMAN GOVERNMENT BUND (LIFFE) 
DM 351488 • OH Of 108 PCI 
Sep 8173 8444 8444 — 0.14 

DOC 8440 84J5 8474 —114 

Mar N.T. N.T. 8449 — 8J4 

Esf. volume: 1SML Open In I crest: 73478. 


Industrials 

High Low Lost Seme Ok’ge 
GASOIL (IPE) 

U J. nothin per metric hm-totl of HO tons 
An 
Sep 
oa 

Nov 

Dee 

Jan 
Feb 
Mar 
Aor 


18740 18440 18440 18445 -IM 

1B7JS 18540 1BJOO 11540 —248 

18840 H6JD 18740 IB6J5 -2JS 

18940 187 JS 18840 1(840 —125 

18975 18875 189J0 18940 — Z40 

18640 10540 1&550 M15D Unch. 

179 J8 179.50 17V40 17B75 — 1J5 

17*00 17540 17540 175J0 — 0J8 

17540 17240 17240 17240 Until. 

Est. Sales *440 . Prev. sain 12460 . 

Open Inieresi 80/18 
BRENT CRUDE OIL (IPE) 

UJ. dollars per baireHgtt of MM barrels 


AM 

19/0 

19/5 

19/3 

19/3 —021 

see 

1976 

19/5 

19/1 

19/1 —on 

Oct 

19.75 

19/6 

19/3 

19/1 —089 

Nov 

19.70 

19/8 

19/2 

19/2 —016 

Dec 

19.45 

19/0 

19/1 

19/1 —O0« 

Jan 

19JS 

19J5 

19/5 

19/5 —005 

Fab 

N.T. 

N.T. 

N.T. 

19J3 —017 


Est. Sales 224M . Prev. satos 28470 . 
Open tnieres! 68.199 


Stock Indexes 

FTSE 180 (UFFE) 

MS per index peM 
5«P 25754 25424 25704 +334 

Dec 25994 2S9Z4 2689J +32J 

Esi. volume: *859. Open Inieresi: 3TJ41. 

Sources: Reuters. Motif. Associated Prats. 
London Inn Financial Future s Excnorjoe. 
Ml Petndaum Exchonoa. 


U.S./AT TH1 CLOSE 



Spot Commodities 


Commodity 
Aluminum. 10 
Coffee, lb 

Capper pled roly lie. lb 
Iran FOB. ton 
Lead, lb 
Silver. 1 ray az 
Sim I billets), ton 
SIM (scrap), tan 
Tin. lb 
Zinc lb 


Today 

Prev. 

0/91 

0/73, 

0/8 

068 

1.111 

1.134 

21100 

21100 

0/3 

■at 

4375 

436 

47100 

473/0 

079 

099 

16643 

3/598 

0/367 

0/4 


Dividends 


Company 


INCREASED 


Ftamemaster Carp 

INITIAL 
MercurvFlnance Q 
STOCK 

DS Bancor J 


Per Amt Pay Rec 
SED 

Q 42 4* 8-9 7-25 

9-3 8-1$ 
84 7-26 


USUAL 


Cabot Corp 
Federal Signal 
First Chicago Carp 
Hilton Hotels 
KeiievOM&Gas Pnr 
PruBache Stratlnca 

SeUgmonSeiactMunl 

Untd Counties Bra 

U hum Corn 


0 J6 
Q .13 lb 
Q JO 
O JO 
Q .45 
M 45 
M iff 
Q J5 
Q .26 


9-6 8-23 
9-4 B-15 
10-1 9-6 

9-20 94 

8-19 8-12 

7- 26 7-19 

7- 29 7-14 

8- 1 7-22 

8- 16 7-29 


Manual; m+nealhtv; q gggr ta rty; s-sem+ 
as Deal 

Source; UPI. 


N.Y.S.E. Odd-Lot Trading 



Buv 

Sales 

Short* 

July 12 

792/27 

631223 

11903 

July 11 

629/05 

642358 

21 JOS 

July 10 

712355 

641/07 

6627 

July 9 

579/47 

694611 

29/18 

July 8 

551998 

610049 

46/19 


‘included to me solos (toons. 


Chrysler May Sell Diamond-Star 

DETROIT (Reuters) — Chrysler Corp. needing ^ t0 develop new 
models, has agreed to sell its half interest in Diamond-Star Mo^RCra* 
automaking venture with Mitsubishi Motors Corp. to die Japanese 

automaker, an industry newsletter said on Monday. • 

Ward's Automotive Reports, in its July 15 ediuon, said il was not dear 
what the tains will be. / .V ‘ ‘ 

Diamond-Star, formed in 1985. builds a twewdoor car sold as the 
Mitsubishi Eclipse, Plymouth Laser and Eagle Talon. 

U.S. Industrial 

NEW YORK (Combined dispatches! - Driven by a need-io rebuild 
inventories, industrial companies increased output in the second quarter 
of 1991, figures ideased Monday by the Federal Reserve showed. 

June industrial production rose 0.7 percent, exceeding forecasts for a 
0.4 percent jump. At the same time, increases for May and April were 
revised upward to 0.7 percent and 0.5 percent, respectively, from 04 
percent and 03 percent initially. 

The prospects for stronger output were backed up by tbe Commerce 
Department, which said business inventories shrank 04 percent iq May 
— the fourth straight monthly decline — while business sales .rose 1.0 
percent f Reuters, AP) 

LTV to Get $200 Million From Japan 

DALLAS (Combined dispatches) — LTV Corp. said Monday that 
Sumitomo Metal Industries Ltd. plans to invest $200 rnflUou in LTV. giving 
it a 10 percent stake in the parent of troubled steelmaker LTV SleeFCo. 

Sumitomo Metals plans to buy $100 million of convertible preferred 
stock and extend a $100 million convertible secured loan. LTV has 
operated under Chapter 1 1 of the U3. bankruptcy code since July 1986. 

LTV said the agreement, to be signed next spring, will depend on 
reaching a definitive settlement with the Pension Benefit Cuaramy Corp, 
on funding on three steel pension plans, a labor agreement and gening a 
Chapter 1 1 reorganization plan confirmed. (Reuters. AFP, AP) 

NCR Earnings Fall 14% in Quarter 

DAYTON, Ohio (Reuters) — NCR Corp. on Monday reported: a 14 
percent decline in second-quarter earnings and predicted lower. earnings 
and sales for the full year. 

Faming* fdl to $99 milli on from $1 IS million in the second quarter or ■ 
1990, while sales fell 3 percent to SI J6 billion. 

Earnings in the latest quarter were reduced by $6 million because of ' 
special charges related to NCR’s pending acquisition by American 
Telephone & Telegraph Co. (UPI, Reuters) 

Bank Reports Show Mixed Results 

NEW YORK (AP) — In a day of earnings reports from bank holding 
companies, Chase Manhattan Corp., NCNB Corp- and Manufacturers 
Hanover Ccap. said net income was up for the second three months of 
1991 while Cnemical Ranking Corp„ First Chicago and Bank of Now * 
York Co. reported declining profits. 

Chase, the nation’s third hugest banking company, said second-quarter 
earning more than doubled to $132 million, compared with $52 million 
in 1 990. NCNB, ranked seventh, said quarterly income rose 3.5 percent to 
$142.2 million. 

No. 13 Fust Chicago reported a $573 million quarterly profit, com- 
pared to earnings of S87.4 million in 1990. Bank of New’York. ranked 
15th, said net for the second quarter slipped 13 percent to S6I million. 

Polaroid and Kodak Set Settlement 

CAMBRIDGE, Massachusetts (AP) — Ending a 15-year court battle, 
Polaroid Corp- said Monday it will receive S925 million to settle a case 
against Eastman Kodak Co„ which infringed on Polaroid's patent for 
instant photography. 

The settlement was slightly above the $909.5 million originally award- 
ed by a U4. district court judge last fall in what was believed to be the 
largest such patent infringement award in history. 


* 


*■> 


U.S. FUTURES 


Via Allocated Pm 


Season Season 
High Law 


July 15 


Open High Low Close Cftg. 


& * 


Grains 


WHEAT fCBTJ 

5400 bu minimum- dollars per bushel 
1*3 230 Jul 272 273 

196 238 ■'j 

125 172to 

370*6 2.79 

331 TMVi 

3.11 179to 

ESI. Sales 


Prev. Dav Open Ini. 55410 up 53* 
WHEAT (KCBTI 


247** lot —43 
See 275 2.76W 271 2.7Uu —4215 

Dec LBSto 248to 242 2421* —43V. 

Mar 2.93 193v* iB8to 2J8*6 — .02Vj 

May 191 292 IBS 245 

Jul 24411 245 242 242 

Prev. Sales 12443 


Season Season 
High Law 


Oaen High Low Ckac Cho. 




5/00 bu minimum- dollars aer bushel 


Jul 

272 

272to 

sum. 

270%> — 

Sep 

274 

275 

271 

271V* — 

Dec 

2B3W 

ZB3V, 

279 

27916 — 

Mar 

2/8 

2/8 

284 

284 — 

May 

284 

2/4 

2JO 

2/0 to — 

Jut 

279 

280 

278to 

278to — 

Est /ales 

Pry-Satos 

PrevJDoy Oaen mt 


41 V. 
4ito 
42*» 


40VS 
Chg. 

CORN (CBT) 

5400 bu minimum- dollars per bushel 

- — 235 ZJ7to +44*6 

236 2J8 +43*6 

S *6 2J9to +42to 
to 237V, +40V, 
242** 2/3 +42 

2/7 TAB +41*. 
2/1 2/1 +41 to 

_ 241 241 +41to 

Est- Sales Prev. Sales 45.175 

Pm. Day Oaen nit. 193 *k(7 up 1472 
SOYBEANS (CBT) , 

5400 bu minimum- dal lars oer bushel 


IDBte 

123 

Jul 

2J5te 

238to 

2Z7to 

2.18V* 


238 

279 

275 

270 

Dec 

2J0 

231 to 

275te 

2L28 1 * 

Mar 

237te 

2J9to 

2791* 

2J4te 

MOV 

246 

246 

282 

2J9to 

Jul 

2/0 

2/D 

259 

2J6 to 

5ea 

241 

2.42 

2/7*. 

236to 

Dec 

241 te 

242to 


7.18 

01 Bto 

Jul 

134 

5-34 

5J0 

131 to 

+JMVS 

495 

JMto 

AUO 

5 JO 

132 

578 

SJBte 

+/4 

6/4 

113to 

Sep 

1311* 

133 

578 1 * 

12Ste 

+ZJte 

474 

5.17 

Nov 

136 

SJSte 

sjjte 

134to 

+JOto 


5771* 

Jan 

5/6 to 

5/flte 

143to 

1*4 

+/Z*6 

6M 

138 

Mar 

5/6 

ISBte 

153to 

5/3V* 

+JT2te 

462to 

5/7 

MOV 

166 

5/6 to 

l*2to 

162*. 

+.D3te 

42096 

152 

Nov 

168 

170 

167 

5/8 

+.05 


1515 893 Sea 9(0 978 9SS 967 +13 

1535 953 Dec 1010 1025 1D04 1016 +13 

1538 997 Mar 1055 10® 1051 1059 +13 

1385 1026 MOV 1082 1091 3080 1» +14 

1385 1056 Jul 1189 1116 1107 1116 +12 

1220 1080 SOP 1136 1145 1133 1145 +12 

1143 1119 Dec 1185 1185 1185 1186 +U 

^ Mar ....... . . 12)6 +11 

1282 1210 Mav 1248 +13f . 

Esi. Sales Prev. Sales 6276 

Prev. Da v Open mt. 

ORANGE JUICE INYCE) 

15400 D».- cwils oer la. 


18040 
12740 
171.00 
1 20 JO 
12040 
11940 

Esi. Soles 


10250 

10640 

11140 

11160 

11160 

11540 


Jul 11940 11940 11940 11135 —.75. 

Sep 12065 12075 11848 11150 —135 
Nov 119/0 11940 117/0 117/0 —1/5 
Jan 119/0 11940 117J0 117/S -1:' 

210 11775 —1 


Oaen High low Close Chg. 

Sep 9237 9239 9224 9228 

Dec 9149 91.90 9148 9140 

MOT 91.91 9142 7149 9142 

Jun 91/9 91/9 91/7 91/8 —41 

Sep 91/5 91/6 91/3 91/4 —41 

Dec 91.17 91.17 91.16 9I.U —41 

Mar 4UB 91,18 91.15 91.17 -41 

nm _ JJ1 


Mar 11935 11935 117. 
May 
Jul 

Prev. Soles 696 


1 18/5 — LU 
118/5 —US 


Prev. Day Open int. 5/01 up 136 


Metals 


HI GRADE COPPER (COMEX) 
25400 lbs.- cents oer lb. 


Hudson’s Bov 
imesco - 
inco 

intarprev pipe 
Jonnock 
Lobott 
LsNowCtt 
IHOckenzIe 
Moono imlA 
Maritime 
Mark Res 


111* 11*6 
llto 11 
35V, 35*6 
29»* 2Wv 
629* 421k 
29*6 29** 
I5*s 15* 
2S** 2Sto 
20*4 20to 
6to 6*b 
14 14 to 
1916 19V. 

TVt 7V, 


MacLcan Hunter lOto io*t 


Molson A 
Noma ind a 
N aranda 
Norandq Forest 
Narcen Energy 
Nova Carp 
Oshawa 
Pagurtn A 
Placer Dome 
Paco Petroleum 
PWA Corp 


29*6 30 

7** 7> 

19*4 19*4 
91* 9to 
20 ** 20 ** 
7** 8 
28*4 2Sto 
6’A 6to 
15*4 I5to 
8>6 8 
Bto Bto 


Quebec sturgeon 035 035 


Rovrock^m 
Renaissance 
Rogers BH 


Roval Bank Can 
Royal Trustee 
Sceptre Res 
Scott’s Hasp 
Seagram 
Scars Can 
Snell Con 
Sberrttt Garden 
SHL Svslemhsc 
Seutnam 
Soar Aerospac e 
StolcoA 
TeckB 

Thomson News 
Taranto Domn 
Torsfor B 

Tronsalta util 
TransCda Pipe 
Triton FI nl A 
Ti-bnae 
Trtzee a 
U nicorn A 




8ka 7*4 
IS 15 
f*< Tto 
60Vl 60U> 
25 24*k 
10 9*k 

3D5 305 
18*b IBto 
119W 111** 
13«* 13 

42*6 42*. 
7*6 7V, 

6** 6to 
17** I7»« 
13** 132* 
6*k 6to 
22V3 22** 
15 IS 

18*6 18*k 
2Sto 25 V. 
12*% 12*4 
1716 17** 
18 18 
a** ate 

13** IJto 
045 045 


Esi- Soles Prev. Soles 36J!te 

Prev. Day Open mt. 92409 uo2/62 
SOYBEAN MEAL (CBT) 

100 tons- oaltory per Ion 

20940 158/0 Jul 16340 16340 16230 16210 +140 

Aug 16+50 16470 16130 16470 +1.40 
Sep 16440 16540 16340 164J0 +IJ0 
Oct 164.50 16540 I*3JW 164.20 +1J0 
Dec 165/0 166.00 lASJffl 165.10 +1.40 
Jan 16640 16740 16540 16670 +1 JO 
Nlar 16940 169 JM 167-50 1*830 +1/0 
Mav 17®-00 17040 170.00 17040 +240 
Jul 17140 17140 17140 171.00 +240 
Prev. Sales 17J84 


195/0 159 JO 

19150 16040 

1*940 159.90 

19150 16040 

19050 16130 

118040 163.60 

19140 165.00 

184/0 16640 

Es! Sales 
Prev. Dav Oaen inL 57.952 all 26 
SOYBEAN OIL (CBT) 

60400 lbs- dollars per 100 lbs. 
25M 18.15 ^ul 18/0 

18.18 
1137 
18/0 
IBJ1 
19Jffl 
19J7 
H/2 
19.98 
20/1 


Aug 

5CP 

Od 

Dec 

Jan 

iwar 


2550 
25-10 
24.90 
2445 
24.15 

50/0 - - ... 

2X62 19/3 MOV 30.10 20.10 2005 

23/0 19.98 Jul 7035 Z0J5 7030 

22.10 20/1 Aw _ 

ESI. Sales Prev. Saks 13/45 

Prev. Dav Open ini. 73/12 uotov 


18/5 
18.7/ 
1892 
I9J6 
19/3 
19 JW 


18/0 

IB/S 

18/1 

1898 

1935 


18/5 

18/1 

18/9 

IBJB 

19.1? 


19/5 19.341 
19/0 19 75 


18/S 
18/4 
18/9 
1879 
19.17 
I » JO 
19/0 
1941 
19.95 —41 
2040 +45 


+.12 
+47 
+ IT 
+.14 
+49 
+.14 
+49 
+45 


Livestock 


113/0 

9405 

Jul 

97.90 

70/0 

7/m 

109/0 

9410 

Aug 

98JJ0 

9am 

98/0 

110/D 

95/0 

Sen 

97/5 

9SJD 

77/0 

10490 

9SJ0 

Oct 




105 JU 

9110 

Nav 




loua 

94/0 

Dee 

97/0 

97/0 

9490 

10450 

9100 

Jon 

97J» 

97m 

97/0 

105-ID 

WOO 

Fen 




106/0 

9190 

Mar 

9190 

9440 

7190 

97.10 

93/0 

Aor 




10420 

9130 

MOV 

9140 

95m 

9130 

7110 

9110 

Jun 




10100 

92/0 

Jul 

74/0 

94/0 

94m 

103/5 

92/0 

See 

94/0 

94.15 

94m 

100/0 

71 M 

Dec 

9370 

9180 

SOJO 

93/5 

93-30 

Jan 




9465 

92/0 

Mar 

93/0 

73/0 

93/0 

Est. Sales 

4/00 Prev. 'Sales 7,714 



9825 

9835 

9840 

97/5 


93-80 


9338 


Prev. Dav Oaen int. 

SILVER (COMEXI 
5400 1 rev az.- cents per trov o*. 


667/ 

360.1 

Jul 

4310 

4340 

434/ 

4312 

4440 

439.0 


433/ 

436/ 

435/ 

435/ 

654/ 

367/ 

Sep 

439/ 

441/ 

437/ 

438/ 

623/ 

374/ 

Dec 

448/ 

<48/ 

4410 

446/ 

596/ 

4020 





448J 

613/ 

3820 

Mar 

4540 

4345 

454/ 

454/ 

589/ 

385/ 

May 

4620 

4620 


460/ 

557/ 

395/ 

Jul 




4642 

483.0 

4120 





4724 

507/ 

408/ 

Dec 

4820 

4*70 

480/ 

4821 

505/ 

440/ 





4815 

513/ 

457/ 


489/ 

489/ 

489/ 




MOV 




498/ 


*"«35 
— 55 
— -25 
— .1 
-30 
—.1 
—.1 
—.1 
-d 
—.1 
—.1 
—.1 
— .1 
— .1 
— .1 
—.1 
—.1 
—.10 


— u 
— 1 / 
— 1 / 
— 1 / 
— 1 / 
— 1 / 
— 1 / 


74/0 7445 
75/5 75.70 
7545 76.17 

74.95 7537 

75.40 75.92 

7180 7190 


72J5 7185 —.10 

7537 75/S +35 

7170 7615 +30 

7485 75J5 +Z0 

75JO 75.78 +/0 

7240 7190 +5J 

7240 


CATTLE (CME) 

40400 lbs.- cento ner lb. 

ISM 7835 Aug 

76.90 70.70 Od 

77 JW 71J5 Dec 

76.70 72-80 Feb 

7I.m 7448 Apr 

75.15 7160 Jun 

7X00 7240 Aug 

Est Sales 10/43 Prev Sale* 17369 
PrauTDay Oran ini. 67.16* aili.162 

FEEDER CATTLE (CME) 

44400 lbs.- cents Otr Bx 

mis BOJO Aug 89/7 90.10 89/0 Ag 

8895 7935 Sea 88/0 6870 6830 8857 

8830 8030 Oel 8740 |7J0 

88.10 8130 NOV 

*7/0 84/0 Jan 

*7.10 8435 

17 JW 
*650 


+48 
.. . +03 

87/2 8732 —30 

8735 17/0 87.25 B7M -.02 

86.92 8740 86.93 87.00 —.10 

Mar 85.90 06.15 85.90 86.15 —05 

8450 APT *5/0 85/0 85/0 86-80 

UTS Mav 8435 B4.7S 84.75 8*30 -10 


Zurich 


Adtaimi 
Ahnulsse 
Leu Haidlnos 
Brawn Boveri 
ObaGdgv 
CS Holding 
Elefctrow 
F tocher 

imerdlscoutTl 
Jocobs Sachard 
Jelmell 
LmxJIsGvr 
Meeveneick 
Nestle 
Oetllhan-B 

Pargesd HM 

Roche Haloing B 5048 
Mro Republic 90 
Sondtw 
Schindler 
Suiiev 

Surveillance 
Swljsolr 
SBC 

5wlss Rehnur 
Swtol VOIksbank 
Union Bank 
Winterthur 
Zuricn ins 
IBS index - NJI. 

PrevtoVS : 628/8 


963 

1120 

1740 

4780 

3060 

1945 

2790 

1480 

3030 

8500 

1425 

1180 

43sa 

8570 

473 

1180 


2350 

5370 

419 

7890 

BSD 

333 

537 

1315 

3S7D 

3650 

7150 


952 

1125 

>740 

4670 

3040 

1735 

2810 

M7D 

2910 

8500 

HM 

1108 

4458 

IM 

47S 

1198 

4940 

92 

2340 

5350 

4» 

7870 

m 

334 

S33 

1325 | 

3550 

3650 

2140 


43/5 44/0 4X60 43.92 

41/0 4200 41/0 4205 

4600 46/0 4600 46-50 


Eft.Satos 1178 Prev soles 2J72 

Prev. Dav Open mr. 1SJSJ up 2*9 
HOGS (CME) 

Sm AUO 50-30 51> «.15 51.W 
■ 49/5 42/0 Od 43/8 4430 43J7 4407 

Dec 43/0 4195 43J3 4190 
48-25 aB F*D 

46/2 41/8 Apr 

50/0 45.re Jun 

EsLMtos ^PrevStolm, «38 
prev. Dav Open inf. 19.113 aft 204 

PORK BELLIES (CME) 

ZOJWtos-crato petto. 

nos 48J0 Aug 41/5 035 

So 4S.10 FOB 

4100 44JS Mar 

5830 4630 Mav 

5700 47/0 Jl* 

45/7 65/7 *lf9 

ESt.Soles Prev. Sol BS [ M0 

Prgv. Dav Open ML 7/46 aH 589 


48/0 4938 

48/0 48/0 


4430 44.90 

40/0 4150 
4738 48.77 
48/0 48/0 

48.90 
4730 
45/7 


+08 
♦1* 
+Z5 
+ 48 
+ U 
+35 
+/0 
+/S 


—OS 

+» 

+45 

+38 

♦JD 

+/8 


Esi. Sales 9000 Prev. Sales 19/51 
Prev. Dav Oaen Ini. 

PLATINUM IN YME) 

50 iravoz.- dollars aer trov az. _ 

528/0 36600 Jul 37600 37600 37600 378/0 

51100 370/0 Oct 382.00 38300 380/0 382/0 

451/0 374/0 Jon 386J»< 386/0 385J0 386/0 

438/0 37800 Apr 39000 39000 39000 390/0 

427/0 388/0 Jul 

Od 

Esi. Sales Prev. Solos i/4i 

Prev. Dav Open Inf 14619 elf 448 
PALLADIUM IKYME) 

TOO tray OMtoliars per oz 
Kl-00 9000 Jul 

119.40 *0.75 SeP 9S/0 9/50 

114/0 ©50 Oec 97/0 97/0 

13575 8835 Mar 

SOI .75 99/8 Jun 

Esi. Sales Prev. Soles 102 

Prev. Dav Open ml. 4328 up 23 
GOLD (COMEX) 

100 frov oz.-doUars per irov at 
37100 357 JW Jul 36900 369/0 16660 369.10 

333.90 Aug 370.70 J70JM 348-50 37D.HP 

369-70 Sep 370/0 370/0 370/0 371/0 

359/0 Oel 374/0 J74J0 372 AO 373.70 

362JU Dec 378 DO 378/0 375/0 377/0 

366JI0 Fab 380/8 380/0 379/8 388/0 

3*9.70 Apr 383.90 

37SZ0 Jun 387/0 


+1.70 
+1.70 
+1.70 

+1.70 

394/0 +1-70 
401.10 +1.70 


9+75 

96/0 


9110 

96.10 

97.W 

98/0 


4M/a 

37500 

476.00 

483.00 
456/0 


467/0 

424-50 

410/0 

406/0 


377/0 Aug 
389/0 Oct 
383/0 Dec 
Peb 

41008 404/0 Apt 

4U/0 411.20 Jun 

Eli. Sales 17/00 Prev. Seles 25.118 
Prev. Day Open for. 


390.90 
394,60 
398/0 

402.90 
407.10 
411/0 


— .W 
-.10 
—.10 
—.10 


+J0 

+/0 

+/0 

+/0 

+/0 

+JS0 

+/0 

+/0 

+/0 

+/0 

+/0 

+/0 

+/0 


Financial 


COFFEE C(NYCSCB) 
37/80 lbs -cento oer Bk 
111/0 83/5 Ju< 

li3/o >3.90 See 

116/0 87/0 Dec 

YffSB 9078 aaor 

1(8/0 92« . . 

9500 Jul 


108/0 

JSS 1803S .Pw..1to-,-.ai 

euUotes 1A07 prev. Soles 10/22 
prev. Dtnr Open mt. 

SUGAR WORLD IIINYCSCE) 
HM801BS cenhPiT*. fJ0 9W 

?2S STv In bS 

Sw 805 DC 1 ! «f« 
Esi .saws it/UM Pte* Sales 8/M 
Prev Da* Open lnl. 
COCOAINVCSCEI 


Food 


8375 BITS 83/9 81.90 -5/5 

04/0 SAX 8105 83 25 -195 

87/0 BLIP >6.55 86 65 —2/0 

9125 9125 89/C 89/0 -2.20 

92JD 9!L80 97/5 9?D5 -225 


94/S — 7J5 

M90 50P 9lM 94/0 96/0 «. 65 -250 

raw 1 00.50 10050 99J» -380 


—.01 


US T. BILLS tIMMI 
fi million- ptoaMOOocf. 

94/5 9l/« Sop 94/4 94/6 94.42 94/3 

94 16 9124 DOC 94 09 9409 94.06 94.07 

94/7 W/2 Mpr 94/2 9+03 94/0 94/0 — Z4 

91/4 93.13 Jun 73/9 — .07 

Sep 93/4 

Esi Sales 4/08 Prev. Sales 1.107 
Prev Day Open Ini. 56.915 off 1/76 
5 VR. TREASURY (CBT) 

sioclooo prm- OK & 37nd5 on oo act 

0O.ZIB 98275 Seo 99275 99J0# 99250 99215 — JJ1S 

99.110 98.190 Dec 99.085 99.110 99/80 97.100 —.018 

Esi Sales Prev. Sales L747 

Prev. Dav Onen Int. 72.916 unBSr 
»TR. TREASURY (CBT) 

5100/09 prtn* ois 8 32ntfsan00 pa 
100-1 96-1 see 17-21 97-22 17-15 97-21 — 1 

SJ-12 95-15 Dec 96-29 97-1 94-27 97 -I 

_97-5 75-0 Mar 76-15 —I 

Est. Salas Prev, Sales IX 

Prev. Dav Onen Int. 81J9B «M922 

US TREASURY BONDS (CBT) 

i of lOOP 


IBocl-5 loOJW-cis 8 37ndsof 100 Pd) 

99 5 85-29 Sen 9J-25 93-37 93-14 93.28 

93 «-4 92-23 93-3 

92.14 93-16 92/ 93-15 

91-23 91-29 91-19 91-28 
91-12 
90-20 
98-18 


#5-19 

•5-14 

IS-3 

87 14 

BS-6 

90-19 


Dec 

Mar 

Jun 

Sep 

Dec 

Mar 


IDS 
9 64 
B48 

900 


905 

864 
868 
8 -i 
883 


-19 
-.14 
- li 
-09 

-'5 


»I8 *J) 


90-20 
98-13 
97-19 
9+8 
9411 
V4‘7A 

Esi.smm Prev; So ksSBMTS 

Prrv Dav Ooen I nr 277.772 uoJ/71 
MUNICIPAL BONDS (CBT) 

VOOa • indev-ots 8, 32ndial 100 oel 
95-11 8+7 Son 11-18 91-25 91-18 91-20 

9111 88 16 Dec 90-21 

89-74 88 Mar 81-X 

C-.t Sales Prev. Sales l/*i 

Prev Dav Oran Int 5,700 oil 247 


9127 
91.37 
91 n 
92;? 


— l 


90.04 


9)6* 

9172 

9168 

tin 

98.04 

Dec 

73 13 

93.16 

7110 

9114 

90 D7 

Mar 

93 07 

9118 

9305 

7308 

9035 

jun 

92 69 

9271 

9266 

92*9 


Season Season 
High Low 
72/4 7032 

92.10 » 

92/3 WM 

71/9 40 S 

ii/i mar 

91/4 9022 

11 M . .-9024 

BIST, ,<U47. J®, * 21.09 . TUN 

rest 9036 re* Tijir TM4 

91/4 TCJl Dec 90/9 90/9 

91XP 90JS Mar 90.92 90.72 

1091 9021 Jun 90/7 

Est. sales Prev. Sai«m610 

Prev. Dor Open lnt290296 up 1/42 
BRITISH POUND (IMM) 

Suer pound- 1 point eauoto S0MS1 
1/340 1/834 Sep 1/29* 1/424 1/294 1/416 +28 

1-7900 1/678 Dec 1/1« 1/260 1/138 1/346 +24 

1/060 I-547D Mar 1/000 1/120 1/994 1/116 +22 

Est. Sales Prev. Sates 33/68 

Prev. Dav Oaen Int. 2A726 af(Z382 
CANADIAN DOLLAR (IMM) 

SPer dir- 1 pain I eauafa fllOOOl 


91/3 91.03 
90/7 10/8 
90.91 90.91 

10/6 90/6 


-m 

3 


J710 

7985 

Sen 

JM7 

JU88 

Z683 

Z686 

+21 

Z667 

/ITS 

Dec 

J438 

MAO 

-8638 

Z639 

+21 

J630 

m 

Mar 




.8600 

+21 

MBS 

-1330 

Jun 

MSS 

MSS 

MSS 

JB61 

+2) 

■8480 

JI420 

Sep 




M2* 

+21 

EW. Soles 


Prev. Sales 2^01 





.6810 

-5401 

Sep 

-5542 

Z573 

-5541 

.6770 

Z365 

Dec 

-5503 

ZS30 

Z499 

-SMB 

Z3S3 

Mar 

-5482 

Z501 

.5482 

-5355 

-5355 

Jun 




est. sam 


Prev. Sales 74/98 



Prev. Dav Open InL TSJBBT OH213 
GERMAN MARK (IMM) 

Spermarfc-1 point eaualsSUHOi 

-5569 
-5529 
Z4W 
MI4 



Prev. Dav Open Int. 67.1/2 oft 860 
JAPANESE YEN (IMM) 

5 per ye n- 1 palm equals 50/00001 

007870 -007003 Sep JOTTM JW7387 J07Z75 JW7292 
0 0*559 -206797 Dec J007263 JV7287 J0072S9 /07273 
Jffl7302 JJ07000 Mar .8 07269 

SflTno .007150 Jun JKJ 72711 

Est. Sales Prev. Sales 43/62 

Prev. Dav Oaen Int. 51,907 uo 14/90 
SWISS FRANC (IMM) 

S per franc- 1 point eauals S0JI001 
■«H5 Z3S4 Sep /412 MS0 M06 Z443 

JW /247 Mar /40B 

EM. Sotos Prey. Sales 34.1/2 

Prev. Dav Oaen Int. 38,1*9 OH3/13 


+3 

+3 

+3 

+3 


—31 

—31 


t * 


Industrials 


COTTON 2INYCE) 

SUjpgjbs.- cents oer lb. 

83/0 66.77 Oct 

76J5 6175 

77.IS 64/5 

92-25 *5.10 

77.70 66/0 

70 60 68j0Q 

41/0 47.20 

E?. Sotos 7J08 Prev. sales 1895 

Prev. Day Open Int. 40/07 aft 267 


HEATING OIL (N YME) 
njXMoal- cents raraai 
85/7 «.00 Aua 

SO .25 See 
51-30 oa 
52 JO Nov 
»30 Dec 
53/0 Jan 
S2JS Feb 
51.40 Mar 
50.00 Aor 
4SL2S 


69.75 69/0 68/0 68/6 — US 
Dec 6BJU 6E90 68J0 68/9 -1.15 

Mar 70 JO taJO 47310 67.78 -.12 

May 7075 7075 78/0 70-57 — /8 

Jl/ 71/0 71/0 71.15 71 JO — J3 

R? K-32 69:20 V,X 6K77 — JB 

Dec 67/0 67/0 67/5 67/5 —23 


•4J8 

15.00 

7MD 

1262 

68/0 

4U0 

57JD 

57/0 

5i75 

5SJ0 

5/00 

51.90 

■ 54.90 ■ 

Est. Sates 


52-S S-2 59-85 —M 

60« 60.70 S9.75 57/5 —.*7 

6IJ0 61/5 60.70 60JSS —J2 

61/0 61JS —.72 

4170 62/0 —.77 

62.70 62.90 —.70 

41 JO 61/0 —JO 

58.90 58.90 — J5 

56/5 56/0 —60 

54/0 54/0 —M 

S4Z0 S4JOO — /5 

— JS 


62.17 VLAS 
63-10 *3.35 
63-00 43J5 

61 JO 61.90 
59J5 SV.25 
57.10 57.10 
Mav 54.80 55.10 

Jun 54 jo 54 JS 

51-60 Jul 5150 33.90 53/0 5165 

££ £9 54/0 54/0 H 

Prev. Sales <L664 


Prev. Dav Open l m. 120/ u ub3/72 

CRUDE OILtNYME) 

’•“P «>L- Oomws^ Per bbl. 

JJ-S ? u0 3, -M 

16.90 Sep 

17/4 OCI 
1 7 JO Nov 
17.10 Dec 

IS ^ 

I7JS 
17/0 
17.70 
17.70 
17.78 


2877 

2840 

2810 

27.70 

27/0 

27.00 

26.75 

26/D 

24J0 

22.11 

24JJ0 

Est. Sale* 


21/2 21/0 Jl AX 74 

fJ-M 21/4 2!.M IBS =5 

21/5 21 JO 21.14 21.20 —33 

Sin! 2J-S 21 M 21-10 -—.17- 
snra 2-2 2057 -.14 

x - s2 20/0 —15 


Prev Da7 0pwiintJ94i3l S Ba 


EL 6 * 1 2J 75 5o.W 20.45 ZIU5 —.15 

Mar M4S 2tJ2 M ju JOAO —SB 

Apr M/0 20/0 20/8 20/8 <~J7 

jJ? ®/5 g/S JOJS 20J5 — JD 

ilX 2 -? 7DJ5 2tLJ0 mm — JJI 

-JPP . 20.40 20/0 2IL37 76 it m 

Frev. Sales mm ~ 


tS 

Oct 


M-W 64/0 

62/S 63.00 

60/0 


<SgUWgMauiW(llVl|«, 

S7.00 

84.75 

66.75 
7523 
58/0 
5820 

S9» 

6100 
57 75 

Est. Sales 

Prev. Day Odwi 1 m.' 6 « jm > m> 5Tijg 


5150 
51/8 
49.75 
4860 
47 JS 
47/0 
50.78 
M/0 
57 JO 
S8M 


ug 6X40 —1.16 
61 JS 4000 —1.14 
59/S 57/S —/I 


Nov 5BJS JljDQ qk S« 

g Is P H U 

£ H g b is 7$ 

ss 2S a 


Stock indexes 

3teM SwS ^ ms »» 384/0 +1J0 

401« 39800 38820 38S/5 VTX +T.W 

Jim JVlLDft 

Est. Sales Priv.Sale, 4010 3nM *'* 

Prev. Day Open lnl.t4ijiBu5,jj7° 

2SE ssy«w«»TFn 

Il740 17X50 ^ «i«2 iJS’S 210/5 +1 18 

217.90 207J0 SS ’"■ S0 7,MS 71,00 21X85 +140 

209.20 20890 Jun 31160 +I.1D 

Esf. Sates pS?Sal« «1U +M0 

P«v. O0V Open inLtlS'^P* 

Commodity Indexes 


Moodr's 

Reulers 

Dow Jones Futures 

Comm. Research 


Close 

1/4160 

1.725H0 

1J2L37 

308.49 


Previous 

1,0*20 

U3978 

I22J6 

mia 


< e 































tvif 


TUESDAY, JULY 16, 1991 


Page 11 




®onuito ^ 




r to,"* 

* -iSSrH. 




eh **4 




Travel & Tourism 


The World’s 
Largest Industry 


The World’s 
Largest Employer 


2.5 




1.9 


3.1 

• ' t’.'\ . d .• . Jf t'.-'.' ?-■ 7 « 

- - v . 

v .0 • 

; v - »r 1 ■' ’ *" ‘ j- J • ^ ' ‘ V -v- 




112 


130 

/ililS 

... % .•.« •• v . •* •!■ t ■. 

y- 'i 7 




101 

V *V''« 

■ ! . : '-A'-vliV id.;/ 

.' j \ '• -v r->S 






*1 ,:A 


... . r - 



r ; Gross Output US $ trillions* 


Employee? in millions 


Creating Wealth 


Creating Jobs 


By 1992, generating more than 5.5% of 
GNP and 7% of employment worldwide. 




The WTTC, a global coalition of Travel & Tourism Chief Executive Officers 
Promoting the World's Largest Industry ■ Building and Expanding Travel 
Infrastructure ■ Liberalizing Travel & Tourism Policies ■ Ensuring Environ- 
mentally Compatible Growth ■ Removing Barriers to Travel ■ Resisting 
Protectionism ■ Supporting Education and Training. 

Iberia, Lineas Aereas de E span a, SA ■ Delta Air Lines, Inc. ■ Westin Hotels & Resorts ■ Alitalia • KLM Royal Dutch 
Airlines - Regent International Hotels • American Airlines, Inc. • Canadian Pacific Hotels Corporation • Accor SA - 
Forte PLC ■ Hotel Okura Co. Ltd. - The Restaurant Enterprises Group, Inc. * Trans World Airlines, Inc. - Ace Travel * 
Holiday Inn Worldwide • Singapore Airlines Limited * Pentastar Transportation Group Inc. * Las Lenas ■ Marriott 
Corporation • British Airways PLC - Steigenberger Hotels AG • Tokyu Hotel Chain Company Limited * The Hertz 
Corporation • American Express Company - The Promus Companies, Incorporated * Four Seasons Hotels and 
Resorts - Club Mediterranee - The Saison Group • Avis, Inc. - United Airlines • East Japan Railway Company. 

♦Source* The WTTC Report. Research: Wharton Econometric Forecasting Associates. 


World 

Travel 

& 

Too r i s m 


Council 













Page 12 


INTERNATIONAL HERALD TRIBUNE, TUESDAY. JULY 16, 1991 


NYSE 


Monday's dosing 

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Ford and VW Sign 
On Portugal Plant 

C&rvikd in- Oar Stiff From Dispatches compete directly with the new 
PALMEIA, Portugal — Ford VW/Ford car. 

Motor Co. and Volkswagen AG The poverty of the Palrnda re- 
signed a contract with the govern- non was cited a major factor in the 
ment on Monday for a 52.8 billion Commission’s decision. 


factory to make a new multipur- 
pose vehicle in Portugal. 

The U.S.-based Frad, operating 


In addition to the Espace, other 
competitors indude the Japanese- 
made Tc 


I . . . _ . , .,, Toyota Previa, Nissan Prai- 

through tts European subsidiaiy, rie, Mitsubidu Spacewagpn and 
and Volkswagen of Germany aim Oirysler Voyager, 
to start production in 1994 on the 
new vehicle, a luxury van for carry- 
ing goods or passengers. 

“The joint venture will offer a 
state-of-the art project and achieve 
an internationally competitive 

management control. Volkswagen 

wfll ,cad engineering and deign 
Volkswagen at a ceremony in Pal- ^ Ford mMn .ifi>rt.nin £ 

Officials said it would enable the 
two carmakers to compete in the 


Ford and Volkswagen will sup- 
ply the plant with components and 
sell their respective versions in 
competition with each other. The 
venture mil be equally owned by 
the two firms, which will share 


me! a. 

“The greatest challenge to the 
European industry is the oha]lengg 
from Japan. This new joint venture 
is part of oar response." 

The carmakers say the Portugal 
factory will be the most modem in 
Europe. The joint-venture envis- 
ages annual production of 190,000 
vehicles, 90 percent for export. 

It should create 5,000 direct and 
7,000 indirect jobs in Pahnda, 
about 40 kOometers (2S miles) 
south of Lisbon. 

The EC Commission earlier this 
month approved subsidies worth 
more than SSOO milli on for the 
plant despite cries of unfair play 
from the French carmaker Matra, 
whose Renault Espace model will 


fast-growing market for multi-pur- 
pose vehicles, which has doubled 
since 1986 in Europe to some 
81.000 units a year. (AP, Reuters) 


Investor’s Europe 


Frankfurt 

DAX 


London . 

FTSE 100 Index 



Paris 
CAC 40 
1900- 


1775 

1550 




1525- 


a v m j j 1 

*1991 

Exchange Index 


2000r 


F'MA' MJJ 
1991 


1400< 


F'MA' 

1991 


Amsterdam CBS Trend 


Monday 

Close 

93.60 


Prev. 

Close 

93.50 


TDTTj' 

% 

Change, 

40.11 


Brussels 


Stock index 


5,750.73 5,754.29 -0.06 


Frankfurt' 


OAX 


1,646*57 1.644.76 4-0.11 


Frankfurt 


FAZ 


688-05 


689.92 


■0.27 


Helsinki 


HEX 


974.90 


961.00 


-0.62 


London 


Financial Times 30 1,947.40 1,927.10 4-1.05 


London 


FTSE 100 


2JS32L50 2,497.40 +1.41 


Madrid 


General Index 


269.82 


267.36 +0.02 


Milan 


MIB 


1,097.00 1,103.00 -0.54 


Paris 


CAC 40 


1,759.77 1,754.29 +0.31 


Stockholm Affarsvariden 


1,124.30 1.124.20 +0.01 


Vienna 


Stock Index 


54853 


547.31 


+0.30 


Zurich . - BBS 

Sources: Reuters, AFP 


NA 


628.80 


Irtcnalinm] Hcnid Tr^Mns 


Nation- by- Nation Fight 
Seen for EC Farm Plan 


U.K. Firms 
Consider 
A Merger 


Reuters 

BRUSSELS — E urop ean Com- 
munity farm ministers on Monday 
promised a rough ride for EC plans 
to reform the 12-nation bloc's agri- 
culture system. 

As they gathered for their first 
opportunity to give Ray Mac- 
Sharry, the EC farm commissioner, 
their reactions to plans the EC 
Commission approved last week, 
they made it plain they would not 
go along with slashing prices for 
cereals, butter and beef. 

Mr. MacShany says that without 
change, farm incomes will gp down 
and stocks will pile up, annoying 
the EC’s trading partners as they 
are sold off with export subsidies.' 

He says most fanners should be 
no worse off under his plan, and 
that the biggest, richest farms 


Reuters 

LONDON — Rosehangh PLC 
and Stanhope Properties PLC said 
Monday they were holding explor- 
atory merger talk*. 

■ W ° fi™ co °‘ Mi £.;? should bar tic burden of sacrifices 

us they cun best afford (o do so. 

missions concerning » possible Gummer of Bnwm oiled rhe pbu. 
merger. M, “ 

According to newspaper reports, 

the merger talks were put together Financial Firms 
in an attempt to solve a dispute that T lltailCiai T ITIUft 

has arisen over methods of separat- 
ing the joint interests of the two 
companies. 

The two development companies . „ . . c 

have a combined debt of around £2 . LONDON — Buaness in finan- 
bOlion ($3 J billion) against a cur- «al services in Britain lssiHI dcchn- 
rent market value of less than £1 10 mg and is expected to fall further 
million, according to reports on the over the next threc monUis, a Con- 
t ,fc„ federation of Bnlirii Industry sur- 

Rosdudigh and Stanhope jdintly " vc y ,showcd °® Monday - ■ 
developed the Broadgate office The quarterly survey of banks, 
complex in London. broken and other financial services 

The reports in the British press companies, carried out with the ac- 
said a merger deal was backed by countanting firm Coopers & Ly- 
the Canadian p ropert y firm Olym- brand Dekatte, showed 32 percent 
pia ft York, which has nearN a 10 of firms responding were less opti- 
pcrccnt stake in Rosehangh and mistic than tinee months ago 
more than 30 percent of Stanhope, percent were more optimistic. 


unacceptable in discriminating 
against big, relatively efficient 
farms such as those in his country. 

“It's not sensible to discriminate 
against efficient farms in favor of 
backward-looking agriculture," he 
told reporters. 

Farm Minister Louis Mermaz of 
France said Mr. MacShany's plan 
was just an opening gambit. “Mac- 
Shany is very flexible, Fm sure 
he’ll move,” be said. 

Ignaz Kiechle of Germany said 
that was no need for such drastic 
price cuts. 

An Italian spokesman said Mr. 
MacShany was loo concerned 
about trying to please the Commu- 
nity’s trading partners in the Gen- 
eral Agreement on Tariffs and 
Trade. 

The Tour-year negotiations of the 
GATT’s Uruguay Round stalled 
last December over the issue of 
how far and bow fast to cut trade- 
distorting farm subsidies. 


Talks Begin 
On European 
Energy Charter 

International Herald Tribune 

BRUSSELS — Officials 
from 35 nations launched talks 
Monday to create a European 
Energy Charter designed to 
link the Soviet Union’s huge 
oil and gas supplies with west- 
ern nations' financing and 
technological expertise. 

The Soviet ambassador to 
the EC, Lev Voronine, said the 
charter would be an instru- 
ment of peace and economic 
stability. 

“How many wars have there 
been that in the final reckon- 
ing had the smell of od about 
them?” he asked the delegates. 

A pan-European energy 
charter was initially proposed 
by Dutch Prime Minister Ruud 
Lubbers at the June 1990 EC 
summit in Dublin. 


Gloomy in U.K. 


Reuters 


19 


ADVERTISEMENT 


main 

(CM*) 

He mdedped —— *rt » bom Jmiy 
18. 1991 «l KMAasooUeKV. Amfedra. 
Ambbi 39 (manoiad br* "ABiriO 
el iebMU fiicfciTjAwffl be p* 7 **la 
with DU* 34,72 jer CM, repr. 500 
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». IMOO dm. Ifr. per mxbto 200191; 
y« 55 pjg dks dcdac&D of 15% 
c - in 41280 - Dfk 6J2 per 
itiwt 500 dm, Y«ffiS,- - Ok 1S» 
pwCTrtTwt LOOOak* 
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COMPANY N.V. 
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The rademned — w un c ee tfanc as (ran JJj 
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AMSTERDAM DEPOSITARY 
COMPANY N.V. 

10 Wy. 1991- 


MINISTRY OF PUBLIC WORKS 
INVITATION TO PREQUAUFY 

mm OF KENYA 
IKiA - MUMIAS ROM) PROJECT 

DUe rf bsowee 16^/1991 

1-0 The Govenxneni of the Ronblir o( Keova ha* rerriverf a kau tran ihe Alriran Deirlopn*™, 
Faid (ADF) aid African Undopmenl Bank (AD® in varimninairir* Hwaid* iherwi uf 
Buna — Mumias Pmjert aad d » intended thai pen of the proceed* of I in* loon will be 
applied lo diphie paymertsmideriiir cootrarl Jo which ibis prnpialifiratiwi nrtire applie?-. 

2Xi Tbc projccl (xenio* of cotMTartk* of abort 46 Ina alnpte caniapewaT binnnen road havinp 
6 l 5 newn wide ee niy w ay and 2 1 1-25 meteo wide ahoiidm. The prajer* j dtaUrd in 
Waien Proriocf of Kenya wirii a lane fan in Bou DijJiirt and lKr ns4 in Kjkjmrp 
Disrrict, approx. 487 bn North- wea of Nairobi, the capital of Kema. 

The epprcovnale tpanmia of the main ileon of *e work* nc 

a) EanbwnriK. 386.000..- — in' 

b) Lime Improved Co*d Subbroe: 94.000 — jn‘ 

c) Cixdod Cnohed Stone Base: 51.000 m' 

d) Arahah Concrete Suriacmg: 10.000 m‘ 

r) Bewf n rted Coocrele Bridpe: — 5 — ... No. 

The worli* ako include site clearance, inhen*, drainage and nUK+Hanmi* unii*. Thr 
contjad pond lor these worta will be 30 momhs. 

38 Ontr (nalified eoanaaoTO from ausaberrountriei of ibe Alriran Dendopinail Bank lADBl 
an4Ai)F Sera Plirtidmnts are edible !c apply foe preqaalificarirwi, AU poods tod .-eniie* 
tobesopaUed imder lie propoeed etnuraa shell havr ihrir onpin Irtnn member rountnrs ni 

AD6 and ADF ftxtidpaflis. 

48 Contractors wishing to otvpaMj shall comply with mpiirrmenu vet oul in ihr prnpaJirira- 
lion (ptesboonwre whies wiO include bat not timiml la the following: 
a) Cnotiaeiora shall have rtperiowc of road oon&wsiDn el similar mapurude m Alriran or 
other tropical coun iries, 

1^ Cootracbm rUQ have bad an nmol roed coostmcboa turnover in the Iasi ibrtc want of 

not less riant Fivef5) million^ krmx Pouml-1 

c) Joint Venture or eonronia of iwo or moir nwtiarton shall fubmH pmpialiliraiiun dau for 
each of tbc member rnotncJon, laartber with an aHideiii signed liv all partir? of da- 
proposed joint v en t ure or ceswonia oodaring iheir imenl lo form 3 paiinendiip. Im-iulion 
10 bid shall be iasaed to proquBfied eontredor euhr. 

58 Interaated rfgihie spplkarts can obtain the PrequalifieaUoo qurstimtnsiie (ran thr (liii-f 
By new (Roads) ai twaddreas green beknr after payment of a son-refundable Ice of Ki3s>. 
U>00. TKs be shall be paid by a bankers cheque drown from a Bank in Kenia and fJull be 
payable to rite Penaanent Seeroaiy. Miariatiy a Public Work. AppTuMiioni, mx male in it*. 1 
Want of ride qnealioanize shall lie rejected. Thr render document will br w4wd onh- ru 
contrartoa who respond IP dim invilatjoa and can gaudy the prrquaGTicaunn mjuiionoit- tf 
the Bepuhfic cd Kent 

6.0 The nwmtete prequaliBeatioo auedmmaJre should be rrmrard to ihe fnllouing addir-M 
Jtoot 1280 noon fcol line on 20tb September. 1991; 

CHIEF ENGINEER (ROADS), MINISTRY OF PUBLIC WORKS 
P.a BOX 30260, NAXROBL KENYA Room 618,TRANSCOM HOUSE 
TEL: 723101 EXT. 3121, TELEXi 22174 MINTWORKS 


The Goreroi 


1 the right to rejerl any or aD appbcalioni- whhuui piling retKow fee it. 


ENG. SlN. OTONGLO, CHIEF ENGINEER (RO-4DS) 
FOR: PERMANENT SECRETARY 


MINISTRY OF PUBUC WORKS 
INVITATION TO PREQUAUFY 

KPftUCOfKEM 

mmuci-mmmmm 


One of balance: 16/7/1991 
1 8 Tbe Goremem of the 


TbeGorennen of theRmnbOrof Kenwha* received a kn fro* die Alnean flnrlopnrnl 
Fond (ADF) and Africm Oredcnnai Snk (ADQ to rariona romnrirt luwids ihe raft of 
Rod Knpaoy — Kanmni Road Projed and k is im ended rial part of ihe pmwh of ihie 
loan w3J be "applied to aigihle peyroents under ihe contract w which ibis prequaJifiralion 


adreiffS* 

2.0 TVprojeelcoiaisto of rerosmietioB of about 48 km uplr earriaprway bihnnen mad having 
68 meters wide c a i ria n e wav aad 2 x 1.25 aeiesa wide shocddeix. Tar projrr, w loralrd ru 
Sooth Nwn DnUid of f^atta Province, of Kenya, some 433 km Wen of Nairobi, ihe 
rapstal el Kraya. 

The a tanuiiaon onmlilira of the Btain items of the a«rits am 

a) Ea n fawod a : L142.430 

’ Girrel Subbaar 156.000 


^Lbnelnmtmd 
r) Graded Cnnhod 


Stone Basel. 


58850 


10/14 non + 3/6mro 

2 

18 


"ADP Stele hnicrara are efipbte to apphr lor pretjUBTifieBiiDO. AHpnndundreniro. 
complied aider tie proposed coobart shall kne their origin fnon mrrnbrr rountrirtml 
BraUADFFMdpott. 



d) Dtndde Seal Sutbce Dreasmp; — 

r) ReiaCaieed Gnocrese Bridges; 

Q Reinforced Concrete Box Calvert:. 

Ihe works abo indade site ndwris. drainer and mwerlUncou* vorin. The 

cuo t ra a period far these wrofc* wiB be 30 morths. 

38 Only cpfifiedeOBtractois from mesnbercooiu ties of the African Desrinjniicnl Bank (AMR) 

aod'ADF&We PtorirraM areefinbleto aonhr lor pmuardkatimi. AH gmds 

ADBoiJ ABF P artt ripe Xs. 

48 GaOlrartar'swwUte to promiih shall comply with mpamneafa rrt od in the prerjualiftra. 
bon yw* 11111 "!— w tirfl wObtriode bal not Until rd 10 the laUnwinp? 
a) CsaO W AHI lose eip c r tenr e of road rcnsrrurtion of similar nopittudr in African or 
other tropical countries. 

4 Omtrartora shall have lad an arorori road ronalrtrtkn turnover in the Ua ihm- \<-ai» of 
not 1 era best Fm-{5) nJRaa Kcma Pnumlri. 

r) Joint VentvreorcoasomioftwooraioreevolraetiMsshrilsobnnl pmpalifmiua dlU I»r 

each of the n»ber esadrartora. leertber with on rilktevk sipwd In- all partin. <A thr 
tia dteiariif ibrir mtent to form a partamritip. Invilalioa 


_ aesttore orcanaoiU 

be nwd hi pi t qua fificd roomcior ow, 

I hnerealed dtpUe -t yB ™ . » « caa obtain Ihe PretpoMnlioa qacslmsutTr from ihe OiirC 
Eadaeer (Rtoda) rtroe adderajd*** 1 below after ^ymrrt of a noo-irfoBcbble Tre of bUShe. 
L50& Tb bcMitenM by a bnphrmrliniiar drawn Iroro a Bank m Kt»a and Hall lr 
parable to the Permmert Set iWA iy, Mlniaw of Public Works. AppTtcaOoin not made in die 
toneol of rids qaesrioenrire stall be rejeetedl The. lender dot-ianrnt* will be imurd 'ad\ hi 
contractus vhTresportl to lh* mriWior and ran aalwfy the prequaliTmliun Hpiinnwd 
the Repob&c of Kenya. 

68 The - 1 — [*-■- ptcqroifflualioB taMStionniirr ahodd br irtariwd In thr Snllnvenp aihlirM 

blest 12-00 aoeo tocri rlroc on 20th Seftabtr, 1991: 

CHIEF ENGINEER (ROADS). MINISTRY OF PUBUC WORKS 
P.O. BOX 80260. NAIROBI, KENYA. Room 618, TRANSCOM HOUSE 
TELa 728101 EXT. 3121, TELEXi 22174 MINIWORKS 

The Cownrtwl reaerrea the ri|d«l to repri anyorril appfiratltr™. withnrt plripp rea-m* lor .1. 

ENG. S.N. OTONGLO, CHIEF ENGINEER (ROADS) 

FORi PERMANENT SECRETARY 


MINISTRY OF PUBUC WORKS 
INVITATION TO PREQUAUFY 

REPWWOFKHfYA 

Due of bsuuas 16/7/1991 

L0 ThcCwnt ai of ihe Republic of Kenvahns nwrecdabsn from the Afrietn DrvWopmcnl 
Fuad (ADF) and African Dorolopronit Sank (AD6) in various nximdri towanL ihe ™a ii 
Narok — kba Nsrob Road Project and it is intended that part of ihe pmvnL nf this loan will 
be applied to eligiblr permeate under the nmtnd to which ihw pmpaliiiniTion onticr 
appfiea. 

Z0 The prejeetconsirti of conrtnicrioBtd short 63 lun angle rarriywm bnumm nud hjrinp 
6 l 5 mdera wide carrugrway and 2 x L2S ractnx wnte shoulder*. Thr projeri -tarts near 
Nuuk ism and is parllr in Nunb and NaJroni Kstrirta of Rift YaUey Pmvinrr of Ken* a. 
nprariondy 141 W Wert id Nairobi, the capital of Kenya. 

•Hi approximate quaeriries of the main hems tx tbc oories are: 

a) EaithworiT... 497.000. 

b) Lime Improved 
r) Graded unshed 


Gravri Sufabaae:. 
Stone Basec 


. 138800 Jm' 

, IDA330. m- 

10/14 mm + 3/6mm 

S No. 

Tb» worira aho mriude tile dro rance. nihertt. draioapr and nusreUaneou* wruhi.. The 
contract period for these watts will be 36 monlto. 

38 Only quablted ctHXrartore from roeniberrouatrica of the African Drvrlopnwtii Bank (ADBl 
and'ADF Stele Panicipanti are cliphlc to apnlv far preoualifieatmn. AIIbmxIs 
' eonlracii 


d) DooUe Seal Snrface EkwiBB: . 

e) Reinforced Coa mte BridpeK- 


tobe 

AOS 


v far pmpalincatanL AUgcnd* and stTYiii* 
0 hire their onpn Irom nmnlwr rntnnrio- nf 


under 

AU 7 Participnite. 

4.0 Centrarlor'* wishi og to ptetpolify shall ronply with mpiirrrociite set mx in the pmpulifhM- 
rion qaestfaunaiie wbaeb wiD barbate but not lindird 10 ihe following; 

a) Contramofsahafi bare erperience of road eonstnirliwn of similar magnitude in Arrmn nr 
other tropical coraories. 

b) Gonnacton shall have (red an annual road ronstniciion turnover inibrlat ihm- «euv nf 

not lest tban( Frve(5) .^millioe Krnia Fottnds). 

riioimVeiHure or consortia of two or more rootrart nt fc shall wbnul prequalifiralmn iblj hir 
earfa of the member root raet ora. tepthrr with so afCdavil signed br all pirtiro id the 
propoaed joint wntore or consortia declaring ibrir intent to lonn a partnership. Imitetira 
to bid sbsl be isaned to pawpiilificd rowrartor ooly. 

58 Intcnaled efigiUr mCrants ran obtain thr PmpxiCfntion questionnaire from the *3uef 
Enpneer (Roads) U the address pten below after paymrnl nf a non- refundable irr nf K.Sh-. 
I^OO.TIdilMahill be paid by a bankers rhruue (bawn Irooi ■ Bank in Krma and .lull lv 
payable to the Pctuunart Sernterv. Kaiatry « Public Work*. Applies lion* not made in the 
lotBBl of ihh qntrtronnmir shall hr rejected. Thr trader documents mil U- fcwurd ualv in 
contractors who respond to lira ureimiMi aad can valid* thr prequaliliraiion miuimra-nw ■ J 
thr RepuUie qf Kenya. 

I &dlhr rexopkto prequaldkaDoo tawstumaairr Aould br rrtumtd tu the iollmiiiE a-lilnwl 
taHal 12.00 pom fatal rime on 20th September. 1991: 

CHIEF ENGINEER (ROADS), MINISTRY OF PUBUC WORKS 
P.0. BOX 38260, NAIROBI, KENYA Room 618. TRANSCOM BOUSE 
TELt 723191 EXT. 3121. TELEfc 22174 SUNTTFORKS 


| The GovouimsI mow die 
ENG.SJV. 


anvnrall 
I, CHIEF 


NEER1ROA! 


FOBi PERMANENT SECRETARY 


fi? 





Page 14 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JUJtY 16, 1991 




Mutual Life Case Hurts Faith in Insurers I AMEX 


By Eric N. Berg 

New York Times Service 

NEW YORK — Mutual Benefit Li/e Insur- 
ance Co. has been one of the most conservative 
and respected insurance companies in the Unit- 
ed States, and industry experts say its expected 
seizure by New Jersey officials will weaken 
public confidence in the life insurance business. 

A seizure of Mutual Benefit, based in New- 
ark, would prevent the largest failure of a U.S. 
insurer to date. The company is in distress 
because of its troubled real estate investments. 

The takeover would likely have a significant 
impact on the debate in Washington over insur- 
ance regulation. Insurance executives have 
been arguing that stronger oversight by the 
stales would be adequate to solve the industry's 
financial problems — bad real estate loans, too 
many investments in high-risk bonds and too 
thin a cushion against losses. 

But a seizure of Mutual Benefit, a blue-chip 
company, would be expected to bolster support 
for federal regulation. 

Mutual Benefit’s difficulties are expected to 
tilt the debate in favor of those who argue that 
the government should at least get involved in 
regulating insurers’ investments. 

‘’Mutual Benefit was no Executive Life," said 
Joseph M. Bellh. an Indiana University insur- 
ance professor, referring to the West Coast 
insurer that failed recently after it bet almost 
half its policyholders' money on junk bonds. 

“Mutual Benefit was an old-line, conserva- 
tive, stodgy company with a modest growth 
rate. The lime has now come for some dramatic 
action to restore public confidence." be said. 


Indeed, the most important consequence of 
the Mutual Benefit case could be its effect on 
the public's faith in insurers. 

When be asks a judge in New Jersey Superior 
Court to place Mutual Benefit under the pro- 
tection of the state, the New Jersey insurance 
commissioner, Samuel F. Fortunato, also is 
expected to ask the court to impose an immedi- 
ate freeze on all cash withdrawals from the 


company. 

That freeze could easily last through the rest 
of the year, industry experts said. 

The freeze would make it impossible for 


'If you first plug the hole 
in Executive Life and then 
plug the hole in Mutual 
Benefit Life, other holes 
will spring up elsewhere. 9 

Martin Weiss- insurance analyst 


policyholders to withdraw money they have 
Invested with Mutual Benefit. either through 
life insurance programs or annuities. Death 
benefits, however, will be paid. 

As recently as 10 years ago, a moratorium on 
cash withdrawals from a life insurance compa- 
ny would have meant little. Most policyholders 
did not plan to cash in their policies early. 

But today, many consumers and businesses 


view life insurance as a wealth-building vehicle 
similar to a saving account. Denying policy- 
holders access to their investments raises ques- 
tions concerning the free flow of capital 

“This wifi, for sure, have a ripple effect,” said 
George G.C Parker, who teaches a course in 
financial institutions at Stanford Business 
School and who is an insurance company direc- 
tor. 

Martin Weiss, head of an insurance research 
firm in West Palm Beach, Florida, said a mora- 
torium on withdrawals would likely touch off 
withdrawals at other insurers. 

“The problem is that, if you first plug the 
hole in Executive Life and then plug the hole in 
Mutual Benefit Life, eventually other holes will 
spring up elsewhere,” Mr. Weiss said. 

In Trenton. New Jersey, where Mr. Fonun- 
ato has been working to prevent what would be 
the largest failure to date of an insurance com- 
pany, the state insurance commissioner evi- 
dently believed he had no choice but to seek an 
immediate moratorium. 

In insurance circles. Mutual Benefit was con- 
sidered among the most august companies. One 
mortgage banker in Texas said Mutual Benefit 
had “regularly competed with the best lenders 
for the highest-quality borrowers.’’ 

Until 10 days ago, AJM. Best Co. had as- 
signed Mutual Benefit an A-plus rating, mean- 
ing the rating agency considered the insurer’s 
daim-paying ability to be unimpeachable. 

But the company, which on Dec. 31 had 
<400,000 policyholders and SI 3.5 billion in as- 
sets, has seen its net worth fall steadily because 
of a sharp increase in bad real estate loans. 


NYSE 


Monday’s Closing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


(Continued) 




Law4PJ+Qr9* 


J6 16 
96 3V; 
9k. 4% 

39k. II to 

25 10 

266 306 
Jlto 276 
«l Jlk. 
23 b 17 
3M 15V: 
an M* 
Ml* 4 
19 9 

99* 6 Vi 
14'* 66 
13* 4* 
*5* 37V* 
tin 9* 
3* 2*. 


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J6 4.7 10 
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101 39 
2*1 256 
15 30V* 

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090 25V* 
SJ4 77** 
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2439 5 

1006 477s 
593 116 
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251* 261* - «* 
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44* 4% - *» 

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_ _ -15 

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0-37 
AJ 15 17A 
44 - 1122 
103 - 4 

_ (7 SU 
13 17 4)3 


144 

144* 

221 * 

20-k 

UU 

136 

33** 

56 

476 


2 & 


136 

1 J 0 


214 

am 

bxq 

2 J« 

48 

JO 


_ _ 346 

4.1 23 1051 
SJ 17x8588 
24- 2671 

UJ - 36 

_ _ 114 

- _ riff 

4.9 9 A3 

2J 23 1091 
93 - 3 

54 - 10511 
43 — 1509 
_ _ 107 

1.1 19 306 
16 II 3367 

XT 17 BOO 

14 IS 7B5 
4J 10 1723 
_ II 67 
73 11 1032 
19 _ *320 

EJ _ Y» 
U 14 
It 10 
1.1 IA 


TV* 


V* 

127* 

36 

O'* 

16% 

51% 

1 % 

30V, 


72 
309 
_ SB 
_ 1703 


401* 
25 ■* 
235* 
M 
JAM 

794* 

«nt 

46 

21 

311* 
30V* 
90 V* 
91 

O'* 
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141V; 9436 + H 

141* 1*6 
II 6 221* 

206* 204* 4- 1* 
177* 18V* + \* 
120* 13 til 

336 316 _ 

51* S’* - V* 
661* 67V* + 1* 
71* 71* - V. 

bn Vi _ 
12k* ig* _ 
35H 356 + 6 

s% 86- U 

36’* 36V* — H 

sito sin - n 

19* 19* — H 

193* 20'* 4- ■* 
46V* 46H + W 
4*V, 48V, + V* 
24H 256 + H 
23V, 23H + v* 

» n 
35V* 36 + H 

7094 799* + V* 
49V* 49K + 9* 
ASH 456 _ 

309* 209* — V* 
~ 29K + to 

30+6 
09V* ♦ IV* 
91 + 19* 

T?V* l¥2 6 V* 

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779* 

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22V* 6 UnHy Pl 

59* 19* unit _ - 

24V* 121* U AM .52 2.1 

13V* 69* UDmln 5 .300 3-0 
18V* 12V* UDoniR 1J4 7J 
35V* 269* Ullhim 244 74 

llto 79* Unlflnd 44 73 

30H IB* UlOlnv JO IJ 

119* 194 UKlno JOB 06 

IV* 'tivUJIMM 
1 M UPkMn 

26 124* UurirG 

57 46 UsoirG Pf _ - 

7SV* 186 US Sur s JO 4 
429* 409* UnTccfl 1 JO 40 
399* 209* Unlfcj I IjOO 34 
159* 9H UWR .77 63 

TV* 1 Unftnfc __ - 

179* 96 Unlvor JO 74 

426 22 UnvICP 1J2 34 
409* 279* IHwFd 36 13 
16V* 90V* UnwHR 152 9J 
16 6H UnvHlf 

AH 99* U Motet, 

5 19* UMd PlB 

5k, I UnMd 5 

149* 94* Uno Rtfs _ - 

341* 219* Umari 30 29 
1*9* *4 UnocEk 40 X9 
4V’* S Upfoftn 1.16 24 
159* 2Vh urcorc - 

47V* av* USUFE 144 33 

K 79* UxHeF 320 BL7 

259* 179* UIIIKq 152 63 
» 239* UtltCo of 244 U 

29H 2SH UIHCo pr 241 9J 
MIA 19 UtlICq or 137 73 

319* I1H VF CO UM 3J 
2696 139* Valero 36 13 

35U 769* Voter of “ 

179* 10V* ValHG 
14th 4H Vothl 
IV* V* VMcyln 
nib 179* VaiueC n 
179* 71* VonDm 
12V* 19M VKMI n 
TV* 39* VKMT 
9 496 VKML 

26H 2396 VKmL PI 2^ 

10H MVKltlpM 37 /4 

139* 79* VOTCO __ _ 

30V6 ZP6 Vartan M 3 
39* 1H Warily 
31M 149* vorlfv pf 1J0 73 

27k, 4 VcnSf n 4IC 13 

94 179* VeslSo 

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59 v* 52 VoEP pf 5X0 
vnw 019* VOEP on 733 
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22H *9* Vbtay .971 
169* 79* Vista Rs 
25th 119* Vtvnr s 
349* 1496 Vans 
3D1A 199* vornad s 
4596 279* VulcM 130 


TV. 79* 

296 2H 

249* 249* + 96 

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|> Mb 
179* 179* + V* 
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9* 96 + Vb 

Vi Vi . 


469* 469* 

74 196 + 1<6 

459* 459* — 9* 
2TH 2796 +■ 96 
139* I39A- 9* 
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12V* 12V* + 9* 
41-* 429* + 9* 


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9596 169* . 

ISM 159* - 

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4V, 4V* 

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WH 1096 4- (6 
23V, 239* 6 9* 
109* tOV, 4 9* 
439* 449* 4- 6 
29* 21k- 9* 
4 426 * 6 

OH OH + V* 
249* 249* 

279* 276 + 96 
29 29 - H 

73H 241* 4- 9* 
29Bi 38 4-96 

211* 216— 6 
296 296 + 6 
1BH 11V* 4- 9* 
AH 69* 4. H 
to to 

219* 239* 4 16 
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116 116 - 9* 
596 56- 9* 

6 H 66 


1300 U 


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■in 6 * 

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•79* 8796 4-16 
82 a - 96 
226 22V* + 9* 
06 86 - 
349* 24H + H 
30H 389*- H 
27 27 - 

3*H 366- 6 


W 


1.44 68 17 


226 106 WICOR 
126 36 WMS - - 

279* SB WPL H s 1J0 6J 12 
226 4H Wobon - 27 

60 27H Wachovia 1 J4 14 12 

136 69* WQMco 11 - 26 


us aw 

183 17V* 

157 266 
m4 20 V* 
599 3v* 

30 126 


206 aw 
TO* 126- 9* 
256 269*4- H 
196 20H — V* 
526 339* 4-1 
12 12 V* 


12 


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i HMH Law 4 PM. diVi 


109* 41* WO AlOC 
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i. I 


Our World News 
Makes Headlines. 


The Pulitzer Prize is American journalism's highest honor. It has been 
awarded to The New York Times and members of its staff 63 times, 
more than any other newspaper in the world. 

In recent years, as sweeping change has reshaped the world more 
quickly and dramatically than ever before. New York Times foreign 
correspondents have won four successive Pulitzer Prizes for 
distinguished reporting on international affairs. 



1988 

Thomas L. Friedman, for ci/cernjic of Israel. 

1989 

Bill Keller, chief of the Moscow bureau, 
for his c« icera/ie of the Soviet I ’nion. 

1990 

Nicholas f). Kristof. chief of the Beijing 
bureau, and Sheryl WuDunnfor their 
coverage of political turmoil in Chtnu. 

1991 

Serge Schmemtmn. Bonn bureau chief, for 
his coverage of the reunification of Germany. 


Distinguished coverage of world events is one reason why 3V^ million 
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Disk Drive Makers in Singapore Race to Adapt 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — Manufacturers of com- 
puter disk drives in Singapore — the world's 
largest exponer of the key memory units — 
are racing to develop smaller, more powerful 
products to m eet growing international de- 
mand for portable computers. 

Analysts say that the companies, nearly all 
of them U.S.-based, are also preparing for a 
possible c h allen g e if disk drive makers in 
Japan, South Korea and Taiwan — where 
most microcomputers are made — decide to 
become major exporters. 

Reflecting an industry-wide trend toward 
automated output for the new disk drives, 
Di® 1 * 1 Singapore Ltd. on Monday 
officially opened a $7.5 million manufactur- 
ing line in which industrial robots linkwj to 
computers run the entire assembly and quali- 
ty-testing process. 

Since 1988, the Singapore plant has been 


the sole disk drive production center of West- 
ern Digital Corp. of Irvine. California. 

Other leading US. disk drive firms with 
manufacturing operations in Singapore in- 
clude Seagate Technology Cora., Maxtor 
Corp. and Conner Peripherals Inc. 

In 1990, Singapore exported disk drives 
worth 7.18 bfffioo Singapore dollars <$4.1 
billion), up 31 percent from S.47 billion dol- 
lars in 1989. The United States was the larg- 
est market for exports, followed by East Asia 
and Europe. 

Magnetic disk drives inside computers 
store large amounts of information perma- 
nently and retrieve it for rapid transfer to 
other computers or onto removable disks. 

As market demand shifts from desktop 
computers to smaller, portable laptop, note- 
book and even palm-size computers, disk 
drive makers are having to manufacture in- 
creasingly compact units with greater memo- 
ry capacity. 


Over the last five years, the width of the 
disk drive units has shrunk from 5-25 inches 
(13.4 centimeters) capable of storing 10 me- 
gabytes of data, to 25 inches containing up to 
60 megabytes. One megabyte is the equiva- 
lent of about one million words. 

Opening the automated facility on Monday, 
-Roger W. Johnson, president and chief execu- 
tive officer of Western Digital, said that 25- 
inch disk drives accounted for 10 percent of 
die plant’s total output. But this will rise to 50 
percent by the end of 1991. 

Conner Peripherals and another U-S. mak- 
er, Prairie-Tek Carp* already produce the 
25-inch disk drives in Singapore. 

Michael Cannon, vice-president of Prairie 
Tdc’s Southeast Asia operations, said that 
surveys by portable computer manufacturers 
“show that a very rapid growth rate of over 50 
percent per annum*’ is expected in interna- 
tional demand for laptop and notebook com- 
puters over the next five years. 


VE NEZUE LA 

C.V.G ELECTRIFICATION DEL CAR0NI, C.A. 

EDELCA 

PRINCIPAL ELECTROMECHANICAL EQUIPMENT 
FOR THE POWERHOUSE 

CARUACHI PROJECT 
CONTRACT No. 103-200 
GENERAL INTERNATIONAL BIDDING 

NOTICE OF EXTENSION 

Firms interested in being prequalified for bidding contract 
103-200 of the Caruachi project are hereby notified that 
Edelca has extended the date for presentation of prequali- 
fication documents to 3:00 pm., Wednesday September 4, 
1991, the prequalification documents should be present- 
ed in the terrace of Edificio General, on Avenida la Estan- 
cia, Ciudad Comercial Tamanaco, Chuao, Caracas. 

Caracas, July 14, 1991. 


Pacific Dunlop Bids 
For Adsteam Unit 


STOCKS: 

Singapore Slows 

(Continued from fast finance page) 

the prospective 1991 P/E ratio for 
Singapore stocks “is hardly cheap 
in the context of either forecast 
earnings growth of 11 percent in 
1991 or 15 percent in 1992.” 

Recent rejections by the Stock 
Exchange of Singapore of three 
proposed rights issues have provid- 
ed some easing in the strain on 
liquidity. But brokers said that the 
vetoes have caused added uncer- 
tainty among investors. 

In an attempt to tighten financial 
discipline of listed companies, the 
exchange rejected rights issues by 
i United Industrial Corp. — a heavi- 
ly indebted property and manufac- 
turing group — and two other 
property developers. Hotel Proper- 
ties Ltd. and Eu Yan Sang Hold- 
ings. 

Tbe three firms sought to raise a 
total of 403 million Singapore dol- 
lars. In rejecting UlCs plan for a 
cash call of 266 million Singapore 
dollars, the exchange criticized the 
practice of several unspecified 
companies, which it said had “di- 
verted funds raised for spedfiepur- 
poses stated in shareholders circu- 
lars to other uses." 


SYDNEY — - The industrial 
manufacturer Pacific Dunlop Ltd. 
on Monday launched a surprise 
374 millioo-doUar (5287 minion) 
bid for Petersville Sleigh, a food 
company controlled by the belea- 
guered Adelaide Steamship group. 

Howard McDonald, corporate 
affairs manager at Pacific Dunlop, 
said the bid ended a two-year 
search to find a new business to 
secure future earnings growth. 

“While we are confident of our 
earnings growth for the next three 
or four years we want to ensure 
continuing superior earnings 
growth right through the decade," 
he said. 

Shares in Petersville surged 30 
cents to 1.18 dollars, three cents 
higher than Pacific Dunlop's M5 
dollar-a-share cash bid. 

The bid carries “a pretty healthy 
premium" to Peteisville’s net tangi- 
ble assets of about 88 cents a share, 
said Matthew McPhee, senior ana- 
lyst at Morgan Stanley. 

Petersville did not comment im- 
mediately mi the bid. The company 
is owned almost 63 percent by 
members of the Adsteam group, 


which is undergoing a massive re- 
structuring with its bankers to pay 
off debt of about 6 billion dollars. 

“These things are negotiated 
more with the bankers in mind, 
who really are the mafn sharehold- 
ers," Mr. McPhee said. 

Petersville, which owns some of 
Australia’s most popular food 
brands such as Edgeils/ Birds Eye 
processed and frozen foods. Four’ll 


Twenty pies and Peters ice cream, 
made a net operating profit of 1 16 
million dollars in the year ended 
June 30, 199a 

Pacific Dunlop, which makes 
tires, batteries, industrial and con- 
sumer products, had a net operat- 
ing profit of 300 million dollars on 
safes of 5 billion in the same period. 

Pacific Dunlop shares ended 
eight cents lower at 5.18 dollars. 
Analysts said there was some skep- 
ticism about the benefits of an ac- 
quisition and its effect on Pacific 
Dunlop's balance sheet. 

Mr. McDonald said Pacific 
Dunlop would fund the bid from 
costing cash resources, but added 
that the company may consider 
raising equity capital afterward. 

(Reuters, A FP ) 


Page 15 

ASIA/ PACIFIC 


Investor’s Asia 


Hong Kong 
Hang Sang 
4150— 


Singapore 
Straits Times 


Tokyo 

Nikkei 225 





• 1W1 

Exchange- Iridek 


Hong Kong ■ - 
Singapore - ... 
Sydney ' 
Tokyo • • 
Kuala Lumpur 
Bangkok • 
Seoul- ~~ 
TMpri ■ 
Manila ■ 
Jakarta ; ' 

New Zealand 
Bombay ' . 


■ Hang Seng 
,- -Straits Times." 

All Ordinaries 
. Nikkei 225 
Composite:- ■ • 
/SET • 

Composite Stock 
Weighted Price 
Composite v : ' 
Siock Index" ~ 
Barclays 
National Index 


Monday 

Close 

3,945.12 

1,463.84 

1,539.20 

23,459.04 

59425 

677-83 

635-21 

5,283.19 

993.91 : 

325.61 

1,493.00 

691 JOS 


:-i9ai • 

Prev. ;••• • ■% ' 
Close- ' . Change 

3,915.17' ;+o;76 
1,468:75 S -0,33 
1,531:90 .^0.48 

23,137-78 +1.39 
596.60 . ..-0.73 


5,412.23 -2^8 

99025 -. +0.37 
"32852 AHit 
1,487.87 +0.34 


ImmtkMw l Herald Tribra 


Tighter Credit in Japan 
Sends Bankruptcies Up 

The Associated Press 

TOKYO — Japanese bankruptcies rose 60 percent in the first half 
as real estate companies succumbed to a credit squeeze aimed at 
curbing inflationary speculation, a research agency said Monday. 

TeOcoku Data Bank said business failures from January through 
June rose 602 percent over last year to 4,723 cases, the first year-on- 
year increase in seven years. The amount of debt remaining in those 
bankruptcies soared 394 percent from the year before, to 3.426 
trillion yen ($25 billion), Teikoku said. It added that bankruptcy 
debts in 1991 were certain to top the 1985 record oT- 4. 186 trillion yen. 

Until last October, the monthly number of bankruptcies had 
fallen year-on-year for 69 straight months. It has risen steadily since 
then as a lengthy effort to curb speculation by raising interest rates 
has gradually cut off cheap credit and forced many firms involved in 
speculative real estate and stock market deals out of business. 

Easing its tight monetary policy slightly, the Bank of Japan cut its 
discount rate by 05 percent to 55 percent on July 1, but restrictions 
on lending continue as banks try to meet international standards. 


Australia Gets 3 Offers 
For Its Satellite Service 


Compiled by Oar Staff From Dispatches 
SYDNEY — Companies from 
Australia, the United States, Hong 
Kong and Britain lodged bids for 
Australia's state-owned satellite ser- 
vice cm Monday, a first step in the 
deregulation of the country's multi- 
billion-dollar telephone market 
Initial bids for Aussat Pty., de- 
tailing business plans but not offer 
prices, dosed on Monday. Three 
groups made offers. 

Optus Communications Pty. is 
led by BellSouth Corp. of the Unit- 
ed States, Cable & Wireless PLC of 
Britain and the Australian trans- 
port and security group Mayne 
Nickless Ltd. Institutional partners 
in Optus are the Australian Mutual 
Provident Society, National Mutu- 
al Life Association of Australasia 
and A1DC Ltd. 

Another bidder, Kakxi Co mmit - 
nications Group, is ford go-owned, 
hdd equally by Ameritech Corp. 


and Bell Atlantic Coro, of the Unit- 
ed States and Hong Kong’s Hutchi- 
son Whampoa Ltd. It plans to seek 
majority Australian ownership later. 

The third bidder dedinen to be 
identified, the government said. 


Sanyo, LSI Join 
On HDTV Chips 

United Press International 
TOKYO — Sanyo Electric Co. 
said Monday it will jointly develop 
next-generation large-scale inte- 
grated circuits for high definition 
television sets with die Japanese 
subsidiary of the U5. semiconduc- 
tor maker LSI Logic. 

The venture will be the second 
joint effort between a Japanese and 
an American semiconductor maker 
on an HDTV project. 


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Page 16 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JULY 16. 1991 


:fr 


SPORTS 


No. 2 Pick 
Signs for 
$6 Million 


By Samantha Stevenson 

.Vfw York Tunes Service 

Eric Turner, (he No. 2 drafl pick 
in (he National Football League, 
has signed a four-year. $6 million 
contract with the Cleveland 
Browns, which included a S3. IS 
million signing bonus. 

Leigh Steinberg. Turner's attor- 
ney, said Sunday that the bonus 
would come in lump-sum pay- 


NFL CAMPS 


men is. with no deferment, making 
the first-year compensation a re- 
cord for a NFL rookie. Usually, 
players receive signing bonuses 
over several years. 

But Ernie Accorsi. Cleveland's 
executive vice president, disputed 
Steinberg's statement, saying. 
"There is a degree of deferment." 
He would not specify how ihe mon- 
ey would be paid. 

Turner, a safety from UCLA, 
joined the Browns in a workout at 
their training camp in Mentor. 
Ohio. This is the first week of train- 
ing camp for most NFL teams. 



A Dane and a Smurf ette 
Are Albertville-Bound 



SIDELINES 


Kjtfn WiHcn>'Tk A.w\uitd Pro. 

Quarterback Dan Marino found his workout to be worth a laugh as the Dolphins opened their camp. 


Turner's signing opens the door 
for other top draft choices. Two 


other first-rounders signed Sunday, 
leaving 19 unsigned. 

Another Steinberg client, quar- 
terback Dan McGwire of San Die- 
go State, the first-round pick of the 
Seattle Seahawks at No. 16, was 
expected to sign Monday for a 
three-year, $335-miltion deal with 
a SI. 5 million signing bonus. 


■ Elsewhere, The Associated Press 
reported: 

Raiders: Quarterback Todd 
Marinovich of Southern Cal. the 
24th player selected in the draft, 
has signed and reported to camp. 

Although terms of his contract 
were not announced, be reportedly 
signed a three-year deal worth a 


total of $225 million. Marinovich 
turned pro after his sophomore sea- 
son. 

Steelecs: Linebacker Huey Rich- 
ardson of Florida, the 15th player 
selected in the draft, signed a con- 
tract that the Pittsburgh Post-Ga- 
zette reported was for four years 
and worth about $ 2.8 million. 


By Christine Brennan 

n'eahington Pm Service 

LOS ANGELES — The U.S. 
Olympic Festival is the U.S. Olym- 
pic Committee's annual 10-day try- 
out camp, its way of unearthing 
youngsters with talent and poten- 
tial who someday might be headed 
for the Olympics. 

Natasha Kuchiki is a good exam- 
ple. The 14-year-old pahs figure 
skater, just 5 feel 2 (1.58 meters) 
and barely more than 100 pounds 
(45 kilograms), is full of hope and 
promise. She expects to be an 
Olympian. She brims with confi- 
dence. and still does high school 
homework. 

She would be the perfect Festival 
participant, the exceptional find, 
except Tor one fact: Sbe already has 
been found. 

Kuchiki already is a U.S. nation- 
al champion and a world champi- 
onship bronze medalist. But she 
has not managed all this by her- 
self. 

She skates with Todd Sand. 27. 
and the two have become the best 


U.S. pairs team heading into the 
1992 Wii - - 


Handley , Giants’ New Coach , Faces Option Blitz 


By Frank Litsky 

.Vew- York Times Service 

NEW YORK — For eight years, the man 
who made the New Ymk Giants go was Bill 
Parcells. He yelled at his players, cajoled them, 
needled them and laughed with them. He found 
ways to get them to play their best. 

He produced six winning seasons and two 
Super Bowl titles. But the job wore him down, 
and two months ago he quit. 

A new bead coach, Ray Handley, was there 
Monday when the NFL champion Giants 
opened training camp in New Jersey. Everyone 
had to be comparing Handley with Parcells. 

Handley is no stranger. 

For seven years, he coached the Giants’ run- 
ning backs. This year, he was going to quit to 
enter law school until Parcells made him the 
offensive coordinator. Three months later. 
Handley became the head coach, and now he 
has more than offense to worry about. 

He inherits a sound team that should be a 
contender again. He will have almost all of the 
veterans who did so well for Parcells. but he 


faces many questions and problems. One was 
revealed Sunday, when it was learned that 
Mark Bavaro. one among the best tight ends in 
pro football had failed his preseason physical 
because of continuing problems with his knee 
and is not expected to play again. 

Handley must resolve a quarterback coma v 
versy. He must decide how to employ his run- 
ning backs, and because he has few quality 
receivers he must decide bow those running 
backs can do what receivers usually do. 

An idea of some of what Handley faces: 


5425,000 last season, is asking perhaps double 
that and will probably settle for $750,000. 

One Back or Two? 

There are plenty of running backs to go 


around: Otiis Anderson, the again -healthy 

taif- 


Quaitertrack 

Phil Simms, still youthful at 35, has held the 
job most of the time since his rookie season of 
1979. When Simms badly sprained his right 
foot last December, the seldom-used Jeff Hos- 
tetler stepped in. The Giants hardly missed a 
beat, winning their last two regular-season 
games and three playoff games. 

So who will the starter be? Handley says both 
quarterbacks will get a shot at the job in camp. 

The catch is that Simms is healthy and signed 
while Hosteller is unsigned. Hostetler earned 


Rodney Hampton and Lewis Tillman at 
back; Maurice Carthon and Jarred Bunch, the 
first-round draft choice, at fullback; and the 
elusive Dave Meggeti as an occasional slot- 
back/flanker/petrify-ihe-defense back. 

The question is how to use them. Handley 
prefers a two-back offense to the one-back 
Parcells often used. 

Handley likes Anderson, but neither Ander- 
son nor anyone else is likely to carry 25 times a 
game. Hampton will gel more work. All kinds 
of combinations of backs will proba bly be used . 

Defense 

On defense, the Giants will still be conserva- 
tive. The linebackers will iry to keep pressure 
on the quarterback, the corner backs will get 
help in a two-deep secondary. But new faces are 
likely because. Handley warned. “People who 
played roles last year will have to show us they 
can play more than just roles." 


r inier Olympics in Albert- 
ville, France, in February. 

They won the Festival gold med- 
al on Sunday, defeating silver med- 
alists Calla Urbanski and Rocky 
Marval. who were the oldest pairs 
team here at ages 31 and 25, respec- 
tively. 

Kuchiki and Sand, so different In 
age and experience, have been a 
curiosity ever since they joined 
forces two years ago at the sugges- 
tion of pairs coach John Nicks. 
Sand, who has dual citizenship be- 
cause his father was born in Den- 
mark, had been the men's champi- 
on in Denmark in the early *80s. 

Kuchiki had been a Smurfette. 

Presumably too small to be a 
Smurf, she performed as a Smur- 
f ette at a Los Angdes Kings hockey 
game in the early '80s here. The 
daughter of Ice Capades veterans, 
Kuchiki never tried another sport. 

For a while, she attempted both 
singles and pairs, but switched to 
pairs exclusively because she said 
she "was forever in my skating 
clothes" 

As it is, the drive from the family 
home in Canoga Park, California, 
to the rink in Costa Mesa is lfc 
hours one way. Her mother takes 
her back and forth everyday. There 
is no time for school, so she just 
finished her freshman year of high 
school through correspondence 
courses. 


Lebanon’s Key 
Is Versatility 


Reuters 

SHEFFIELD, England — 

Seven Lebanese swimmers who 
arrived at die Would Univesity 
Games too late to compete in 
the pod decided Monday to try 
track and field instead. 

The swimmers asked to reg- 
ister for the athletics competi- 
tion so they would hot return 
home without taking part. But 
they have noL decided which 
events would suit them. * . 

The Lebanese surprised or- 
ganizers when they arrived, un- 
expectedly over the weekend 
and were upset when- told 
there was no room for them in 
the swimming. A spokesman 
said the request to diange 
sports was bong considered. 

“It would have to be some- 
thing not much outside their 
capabilities," said Halim 
Gheriani, a Libyan helping the 
Lebanese squad, “certainly 
nothing like pole vaulting." 


Stampede at Kenya Soccer Match 

NAIROBI (AP) — One fan was killed and 24 
stampede at a soccer match between Kenya and Mozaro q 

rC ^ , My I, Naiion said Sunday's stampede 
President.Danie] arap Moi that the gates be o^ed to allow fanMO enter 
free of charge. Moi was at the stadium to cheer won. 1-0 

Harambee Stars, in the Africa Cup of Nations match. The btars won. -u. 

Chile in Gopa America Final Round 

SANTIAGO (AP)- Chile, getting three gods 
based players, advanced to the final round of the ^op® AfjJJ ‘ av 
South American soccer championship, with a 4-0 victory over £ 
Advancing to the second round SuudajMjMa SJJjEl ■ 

which already has been banned from the i 994 World Cup for g 

injury during a World Cup qualifying game in 1989. 


/vrgennna wttreft already naa cuncneu a ■ — -- -7 . 

Pern, 3-2, in the first game of the Group A America Cup doubteteto. 
■ Dante Washir»*«" “**■ »h* i iniied Stales the lead nine minutes into 


• Dante Washington gave the United States the lead nine nunut<»mto 
the match, but WU/redo Mojica equalized 10 minutes laterastheUmjg 
States and Panama played a 1-1 tie Sunday in an Olympic spear qualifier 
in Panama City. The United Slates (1-0-1) leads Group C of theNonb 

n ,„i a : 1 rv_n.u».. — with three Dow IS. Panama 


in rauajoa uty. ine unnca aiaies ii-v-i/ v>* v “r - . _ ■ „ 

and Central American and Caribbean region with three points. Panama 
(0-0-1) is second and Haiti (0-1) is third. , , , . 

The top team from each of the three groups and the best second-plaoe 
team will advance to the regional finals. Two teams from the region will 
qualify for die 1992 Olympics in Barcelona. 


Mansell’s Points Approaching Senna 

mi,rrnmv\„r. r- . . m . vi:. .i Udn»U't rnmtnandin 


(Reuters) — Nigel Mansell’s commanding 
id Prix has lifted mm into contention for the 


Kuchiki barely acts like a teen- 
ager on the ice. Others her age 
stumble and fall; she appears infi- 
nitely more graceful and poised. 

Nicks attributes this to her asso- 
ciation with Sand. 

“They use the age difference to 
their advantage,” he said. “She 
from him gets experience and un- 
derstanding. She brings him lots of 
youthful emotions, lots of energy." 

“On the ice, 1 have to be more 
mature." she said. “I have to per- 
form not like I'm 14. but like I’m 
20 , or older." 

The Soviet Union has dominated 
international pairs competition for 
years, and 1992 might be no differ- 
ent But said Nicks. “Natasha and 
Todd are going to the Olympics 
and looking for a medal" 

In the women's singles finals, Ni- 
cole Bobek, 13, or Chicago, won 
over Toma Kwiatkowski. 20, of 
Gevdand. Tamara Kuchiki, 16, 
Natasha's sister, finished sixth. The 
top four U.S. women — Kristi Ya- 
maguchi. Tonya Harding. Nancy 
Kerrigan and Jill Trenary — were 
not here. 


S1LVERSTONE, 

victory in the British 

world drivers’ title at the halfway stage of the 1991 season. 

The 37-year-old Briton is now 18 points behind championship leader 
Ayrton Senna and dosing fast on the Brazilian, runaway winner of the 
season’s First four races. 

Mansell has 33 points to Senna’s 51. 

’•The first Indy car race held in Australia lost almost $15 million. 
Australian Associated Press reported Monday. The Gold Coast Indy, 
held ’March 17, was won by John Andretti. (AP) 




Fleisher Beats Baker-Finch in Playoff 

SUTTON, Massachusetts (AP) — Bruce Fleisher, who quit the PGA 


Tour for a country dub job in 1983. sank a 40-foot (12-meter) birdie putt 
playoff hole 


on the seventh playoff hole to beat Australian lan Baker-Finch for the 
championship of New England Gassic. 

Fleisher sank his long putt on the 1 1th green on Sunday, then watched 
as Baker-Finch missed from 25 feet to end the PGA’s longest playoff 
since 1983. The two had finished regulation at 16 -under-par 268 after 
Fleisher dosed with a 64 and Baker-Finch with a 68. 

Baker-Finch headed i 
to Southport, 

• In Fort Worth, Texas, Meg Mallon . 

283 loud to win the U.S. Women's Open by two strokes over Pat Bradley 
on Sunday. 



* 


For the Record 


The European Dressage ChampionslBp, scheduled for the Slovenian 
dty of Lipica, has been relocated because of the political instability in 
Yugoslavia. A statement from the International Equestrian Federation 
said Monday the championship would be in Donaueschingen, Germany, 
on Sept. 11-15. f Reuters) 

Edwin Moses missed a last-chance Olympic bobsled trial on Sunday in 
Lake Placid, New York, leaving U.S. team officials puzzled as to why the 
two-time Olympic 400-meter diampion had departed. (AP) 


Quotable 


• Golfer Craig Stadler, asked how be was putting now compared to 
1982, when he won the Masters; “More." 


CHESS 


BOOKS 


PEANUTS 


By Robert Byrne 


I N their seventh-round game of a Li- 
nares tournament in Spain. Ljubomir 
Ljubojevic of Yugoslavia tried to obtain 
a stranglehold on Mikhail Gurevich of 
Lhe Soviet Union who blew holes in the 
clamp with high explosives. 

All the variations of the French De- 
fense, from the solid and cautious to the 
aggressive and counterattacking, are cur- 
rently enjoying a surge of popularity. 
The Tarrasch method, 3 Nd2, discour- 
ages the sharp Winawer pin, 3...Bb4. but 
it can be resisted by 3...c5 from a defiant 
Black willing to uphold the isolated 
pawn to which it regularly gives rise. 
Moreover, it can be challenged by 
3.~Nf6, which keeps a solid pawn struc- 
ture for Black while also creating various 
arduous counterattacking possibilities, 
such as the one that Gurevich unearthed 
to plague Ljubojevic in the present en- 
counter. 

After 4 e5 Nfd7 5 f4. it would be a 
terrible mistake to underrate White’s 
strategy. If Black allows White to give 
firm support to his pawn center, which 
controls so much space, he will have no 
chance to survive. He must bring pres- 
sure to bear on it at once, as Gurevich did 
with 5...c5 c3 Nc6 7 Ndf3 Qb6. 

The move 8 h4, invented by Boris 
Spassky, looks premature, if not alto- 
gether arcane, unless one knows (hat 
White is avoiding 8 g3 cd 9 cd Bb4 10 
Kf2 because IQ...g5!? yields Black lively 
counterplay. 

In this type of French. While does not 


mind moving his king early with 10 Kf2 
as long as he can put down the tricky 
tactics at Black's disposal. For example, 
after the thematic counter against the 
white center with 10.. 16, Black is already 
threatening IL.fe 12 fe Nde5!. which 
wins a pawn and cashiers the White cen- 
ter. Ljubojevic hoped to hide his king on 
a safe diagonal with 1 1 Kg3. 

But after l l.-O-0 12 Ba3, he suffered 
a painful surprise with Gurevich's 
ll..Nd4! 13 Nd4 fe (14...Wd4? IS bh7) 
14 fe Ne5. For a piece versus two pawns, 
Gurevich had destroyed the White center 
and exposed (he king. 

There was no defense in 15 Ngf3 be- 
cause 15.„Nd3 16 Qd3 Bd6 17 Kf2 e5 
recovers a piece with a winning position. 
Moreover. 15 Bf4 would encounter 
15 — RT4! 16 Bh7 (16 Kf4 Qd4 17 Kg3 
Nd3 puts Black ahead in material with a 
winning attack) Kh7 17 Kf4 Ng6 18 Kg3 
Bd6 19 Kfi e5! 20 Qh5 Kg8 21 Qg6 Qd4 
22 Kfl (22 Kg3? allows 21..Qf4mate) 
Qf4 23 Nf3 e4 24 Qe8 Bf8 25 Qe5 Qf7. 
which brings about a decisive material 
advantage for Black. 

After 15 B02 Ng6! 16 Bg6 hg. ljuboje- 
vic could not defend by 17 Nab because 
of 17_.Bd6 18 Kh3 Qf2! 19 Qel e5 20 g4 
RC32I Nf3Qf322Kh2e423KglBc5 24 
Kh2 Bf2 25 Qc3 Bg3 26 Kg I Qf2mate. 
Perhaps the Yugoslav should have 
played 17 Be3, but after 17..Bd6 18 Kh3 
e5 19 g4 ed 20 Bd4 Qd8, Gurevich would 
be noL only a pawn ahead with the bish- 
op-pair but would also be strongly 
threatening 21... RT4. 

After 17 Nde2 Qf2 18 Kh3 Bd6 19 Qb3 


GUREVICH/ BLACK 



JEAN RENOIR: A Life in Pie- 
tores 


By Celia Berlin, Translated by Mir- 
eitie Muellner and Leonard Muellner. 
Illustrated 403 pages. $29.95. The 
Johns Hopkins University Press, Bal- 
timore, Md, 2121 1. 

Reviewed by Michiko Kakutani 


W,MARCIE..r JUST TALKED 
TO CHUCK ..ME SAID UJHEN TOU 
AMP I idfKE AWAY AT-GAMP, 
HE MISSED ME MORE THAN, 
HE M15SEP YOU. 


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HE WAS SAYfNS HE-5AH7 - 
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WMEN HE SAIP'ITJ 



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Position alter 21 Nh3 


■y OU see. in this world, there is one 


e5 20 Kh2 Qh4 21 Nh3 Bb3, ljubojevic 
foresaw 22 Qh3 (22 gh? Qf2mate) e4 23 
g3 (23 Ng3 Bg3 24 Kgl leaves Black 
three pawns ahead) RJ2 24 Kgl Qh3 25 
Rh3 ReZ, with a winning three-pawns- 
ahead end game for Black, and he gave 
up. 


FRENCH DEFENSE 


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DENNIS THE MEN AT ,-, 



THAT SCRAMBLED WORD GAME 
_ Dy Hem Arraie and Bob Lee 


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awful thing, and that is that ev- 
eryone has his reasons." These lines, spo- 
ken by Jean Renoir, playing the role of 
Octave in his masterpiece. “The Rules of 
the Game," sura up the director’s own 
humanistic vision — his sympathy, his 
curiosity, his melancholy appreciation of 
the boundless ambiguities of life. 

With such movies as “The Rules of the 
Game" (1939) and “Grand Illusion" 
(1 937), Renoir helped redefine the possi- 
bilities of the cinema. He has been Lbe 
subject of dozens of scholarly mono- 
graphs and many books, the most recent 
of which is Celia Benin’s “Jean Renoir: 
A Life in Pictures." 

A novelist and historian, Berlin seems 
to have done a fair amount of research, 
and she displays a sincere appreciation 
for ihe director’s work. Too often, how- 
ever, she simply writes as a fan. unable to 
illuminate Renoir's achievements with 
substantive or insightful analysis. The 
result is a platitude-laden book that lacks 
the charm of Renoir’s own autobiogra- 
phy ("My Life and My Films") and that 
is chiefly useful as a compendium of 
biographical data. 

As Benin and others have noted, (here 
were many parallels between Jean Re- 
noir and his father. Auguste, the Impres- 
sionist painter. Both evinced a cheerful, 
down-to-earth bonhomie and in their art, 
both projected an authoritative fluency 
and ease. 

While Berlin's account of these early 
years holds the reader’s attention, she 
soon settles into a plodding narrative in 
which sketchy descriptions of individual 
films are juxtaposed with brisk summar- 
ies of Renoir's personal life. 

However, this volume provides some 
interesting tidbits of information — 
some familiar, some less well known. 

The chapter on “The Rules of the 
Game," provides an absorbing account 
of the ways in which talent may combine 
with incalculablcs to create a master- 
piece. Renoir played Octave after his 
brother, who was to play the role, refused 
to shoot on location. Roland Toutain got 
the role that was turned down by Jean 
Gabin. while Nora Gregor got the one 
conceived for (and rejected by) Simone 
Simon. Having initially become infatuat- 
ed with Gregor, Renoir quickly became 
aware of her limitations as an actress, 
and was forced to enlarge the other roles. 
He was also forced to shoot in black and 
white when it became apparent that to 
use color would cost too much. 

Hie film was such a failure in 1939 
that Renoir “resolved either to give up 
the cinema or to leave France," It was 
poi until 1965 that the film, revived in its 
original complete version, finally earned 
public recognition as one of the great 
works of the cinema. 


'Dm Mr.Mlsom smile at me 

OR WAS IT JUST (3AS ? " 


Ve-j B^BV , | JumNfS. H!TCH AGLOW OVELET ilNfJL 
■ Answer Sukcss "jv «p\* ,*■ • . 
JUST TO HIS V!Cw" w 


Michikn Kakurum m on the staff of The 
,Vrn York Time « 





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INTERNATIONAL HERALD TRIBUNE, TUESDAY. JULY 16, 1991 


SPORTS 


Plage 17 


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With PDM 

Reeling, 
LeMond 
Holds Tight 

Compiled by Oar Staff From Dtsp&dta 

QUtMPER, France — Gr« Le- 
Mond of the Untied Stales retained 
his overall lead for tbe third comec- 
atrve day as he took advantage of 
his nearest rival's problems. 

Erik Breukmk of the Nether- 
lands dropped to third behin d 
three-tune winner LeMond as the 
Dutch rider struggled to finish the 
10th stage because of a fever. Five 
of Breukink’s eight PDM team- 
mates quit the race, aD with what 
was thought to be a virus. 

All PDM riders except Mexican 
Raul Alcala were hit, according to 
team director Jan Gisbeis. “It b a 
catastrophe,” he said. 

Gisbers said it was not food poi- 
soning. as originally thought. And 
Breukink added, “I suffered terri- 
bly aD day and if I don’t get better, 
I will not be able to get on the bike 

tomorrow.’’ 

Martin Earley and Dutchman 
Jean- Paul van Poppel abandoned 
the Tour before the start of the 
stage. Uwe Raab of Germany and 
Nico Verboeven did not start the 
race even though they signed in. 
Another PDM German rider, Falk 
Boden, was not classified because 
hg finished nnly ida the lima Hmtf 

“I hope that tomorrow they 
won't be too weak so that they can 
carry on the race," said Gisber . 

LeMond now holds a 1 -minute, 
9-second advantage over Soviet 
Djambbdme Abdoqpgnrov. 

In the 207 3- kilometer (129-mile) 
stage, Breukink snuggled behind 
the pack for most of me stage be- 
fore making a comeback in the last 
15 kilometers to put himself in the 
middle of the pack. 

“We woke up tbu morning and 
we were all suffering from head- 
aches and pain in our shoulders,” 
said Sean Kdly of Ireland. “It’s 

more a virus. We most have caught 

it and it spread bn the team.” 

Gerard Porte, the chief doctor of 
the organization, said, “Ifs tfiffi- 
cull to give a diagnosis, as the riders 
woke up with fever.” ' 



Dodgers and Reds Still on Break 


Tht Aaocuaed Press 

The two best teams in the National I wgny 
West haven't won a game since the All-Star 
break. 

Tbe first-place Los Angeles Dodgers lost 
four straight in Montreal, including a double- 
header on Sunday, and tbe Reds lost four in a 
row lo Pi Us burgh in Cin cinna ti. Pittsbur gh. 
first in the NL East, completed its sweep Sun- 
day by rallying for a 10-6 victory on hooters by 
Barry Bonds and Bobby Bonilla. 

Bonds lot a two-run homer, his third of the 
series, and sparked a five-run sixth inning with 
an RBI double that tied the score at 3. Mike 
LaVaUiere followed with a two-run double olT 
reliever Randy Myers to send the Reds to their 
season-high sixth straight loss. 

Bonilla, who was four Tor four, hit a two-run 
homer in the ninth off Don Carman. 


“Those three guys in the middle, 1 don't think 
collectively they’ve had a series like this one," 
second baseman Bill Doran of the Reds said- 
“When all three get hot, I don't care who 
they're playing, that team is going to be in 
trouble. All three did a job on us." 

Tbe Pirates' flight home had to be diverted to 
Columbus. Ohio, when Manager Jim Ley] and 

NATIONAL LEAGUE 

complained of chest pains. Leyland was taken 
to a hospital for tests Sunday night for what an 
airline spokesman called “some discomfort in 
his chest.” He was released Monday. 

fcxpos 3, Dodgers 2, Expos 7, Dodgers 4: 
Delino DeShields had three hits and scored 
twice as the Montreal beat Los Angeles in the 
second game lo sweep the doubleheader. It was 


the first time the Expos have swept a four-game 
series from the Dodgers. 

Giants 17, PfaOEes 5: Will Clark drove in 
seven runs, including a grand s l am , and had live 
hits as San Francisco won in Philadelphia. 

Malt Williams had two homers and four 
RBIs, and Kevin Mitchell hit a three- run homer 
as the Chants totaled 22 hits. The 17 runs were 
the most ever scored by on opponent in Veter- 
ans Stadium and the 22 hits tied a stadium 
record by the opposition. 

Padres 2, Mets 1: San Diego right-hander 
Greg Harris stopped the Mets on one hit. a 
leadoff double by Mackey Sasser in the eighth, 
in 816 innings as the visiting Padres snapped 
New York's 10-game winning streak. 

Cubs A Astros 3: Part-time starter Mike 
Bieledri won his team-high 10th game on as 
Chicago won in Wrigley Field. 


Canseco Plays It Again and Solves Olson 


Greg LeMond, sounding the charge at the start of the 10th stage. When h ended, be was still leading! 


The stage was won by Australia's 
PhD Anderson, 33, who broke away 
in the last 30 Irilmnetcrs along with 
three other cyclists. The four riders 
were more than a minute ahead but 
finished only six seconds in front of 
the pack. 

Andexson is 57th overall, but tbe 
stage victory was a moral one. only 
his second m 10 years as a cycling 
professional Hu other victory 
came in 1982. “There have been 
times since my last win when I 


thought something like this would 
never happen again,” he said. 

Tbe 1 1th stage from Quimper to 
St Herb lain on Tuesday is the last 
before the riders are flown to Pau 
to begin the difficult stages through 
tbe Pyrenees Mountains. 

(AP, AFP, Reuters) 

Top Finishers, Standings 

Tip Ihwari to m— dar t ma atapa. a 
MM-kflaawMr (TO-mUt) roca from Re*t» 
teOahn wi : I.PMl Amtenon, Australia, flv* 


hours, S mlnutas and 23 aacands. 2. Mco 
Imondi, BUgl urn. soma Hina, l Orton Hofcn, 
Dan>uark,«J*4.MlclMl Dcmto Batohim,aJL 
5. DIoRtolHnr Abdoutotarav, Soviel Union, 
six seconds behind A OW Ludaria Gormanr, 
sJL 7. Johon Musaevp, Bctotwn. sJ. S. u»»- 
ront jafahert. France. vf„ *. Rutfy Verdondo 
Belgium, At. la Jon Sctivr, Garmaiy. sJ. 

Outran stwtftaga: I. Greg LoMond. US. 41 
town, three minuter one second, 2 . Dlonvrih 
dbw AhdWagorov, Soviet Union, on* minute, 
nlneaocondsbahindABr1cBrcuUnk.Netiwr- 
tandkJ :U M*id. 4. Mgi^indurafn. Serin. 
1:17. 5. Jeon-Pranceto Bernard, France, 3:Y1. 
A Sean Keflv. Ireland. 3:51, 7. Gtann) Btiam, 
Holy, eome time, a Thierry Maria. Franco, 
4:1* behind, V. Raul Alcala (Mexico) 4:14. ia 
Uk Leblanc. Franco* 4:20. 


By Mark Maske 

Washington Post Service 

OAKLAND, California — It 
was baseball theater at its best, the 
Gregg 01 so a- Jose Canseco re- 
match with the game on the line in 
the 11th inning as two dugouts full 
erf wide-eyed players, managers 
and coaches and 31,425 patrons 
looked on. 

This dine, Olson’s knee- buck- 
ling, would-be strike-three curve- 
bail just missed. Given the reprieve, 

AMERICAN LEAGUE 

Canseco dumped a full-count fast- 
ball to right field for a two-run 
single that gave tbe Oakland Ath- 
letics a 3-2 victory on Sunday over 
the Baltimore Orioles and provided 
Tony La Russa with his 1,000th 
managerial victory. 

It was a day that had plenty of 
heroes. There was Roy Smith, who 
followed Saturday’s no-hitter on 
which four pitchers combined by 
shutting down tbe A’s on a run on 
seven hits in 8)6 innings. There was 
Chris Hoiks, who provided the hit 
off Todd Bums that salt the Ori- 
oles into the bottom of the 11th 
with a 2-1 lead. 

Yet the whole affair came down 
to one memorable dud. 

Sunday began with Canseco 
talking in awed tones about his 
ninth-inning confrontation with 
Olson on Saturday, when he struck 
out looking at a 1-2 curve for the 


penultimate out of the no-hitter. 
“Oh, my God, that was a great 
pitch," Canseco said. 

Tbe parallels Sunday were strik- 
ing. Olson took over for Mike Flan- 
agan to open the Ihh. With one 
out, pinch hitter Jaime Quirk sin- 
gled to center. Rickey Henderson 
beat out a bunt but Olson struck 
out Dave Henderson. 

Up stepped Canseco. Olson's 
fastball was high. Two fast balls lat- 
er, the count was 1-2 and a big 
breaker seemed imminent. Canseco 
said he forgot about the curve — 
“you can’t hit it anyway” — and 
looked for a fastbalL 

Olson obliged and Canseco 
fouled h back Then came the curve, 
just off the outside comer. A curve 
m the din moved Quirk to third 
and Rickey Henderson to second. 

Olson then made what he said he 
thought was a good pitch, a tough 
fastball on the inside comer. Can- 
seco fought it off for a soft liner in 
front of right fielder Joe OrsulaL 
Quirk trotted home, and Hender- 
son raced around with the winning 
run while Orsulak overran the ball. 
■ In other games Sunday, The Asso- 
ciated Press reported: 

Rangers 8, Blue Jays 6: Visiting 
Texas survived two homers and 
three Rfi Is by Joe Carter and a late 
Toronto rally to end the Blue Jays’ 
six-game winning streak. 

Mariners 14, Indians 3: Edgar 
Martinez and Scott Bradley had 
four hits each as Seattle prevented 
visiting Cleveland from winning 


For Soviets, Diamonds Are Rough 

The Associated Press 

BARCELONA — The Soviel Union was racing a shortage. But 
for once, bread, toilet paper and gasoline were not the problem. 

The Soviets needed baseballs. 

“We just don't have any,” said the Soviet team coach Bob 
Protexter. “They’re impossible to get in the Soviet Union. We finally 
wound up trading the Nicaraguans some Soviet souvenirs for 30 
baseballs, but that won’t last us too long" 

The Soviets took up the game four yean ago when it became an 
Olympic sport. But ouly returns indicate they have a lot to learn 
before the first ball is tossed out next year at the Barcelona Olympics. 

At the Intercontinental Cup in the Barcelona suburbs, the Soviets 
lost their first five games by a combined score of 79-4. China Taipei 
inflicted a 14-0 defeat July 1 then Japan-handed the Soviets a 26-0 
rout- Cuba won the tournament, which ended Saturday. 

The Soviet baseball team is a mixture of converted wrestlers, 
javelin throwers and team handball players. Most of the players 
come from the league-champion Moscow Red Devils. 

Politics have played havoc with the national team. Two top 
pitchers from the Soviet Republic of Georgia quit following violent 
ethnic unrest, and a star pitcher from Lithuania withdrew after 
refuring to wear the Moscow Red Devils' uniform. 

“He said they'd kill him in Lithuania if he ever wore a Soviel 
uniform,” said Protexter. 


consecutive games for the first rime 
since June 1-3. 

Angels 10, Yankees 2: Bobby 
Rose hit a two-run double in the 
fourth as California, at home, got 
15 hits and stopped a seven-game 
losing streak 

White Sox 15, Brewers 1: Jack 
McDowell gave up a leadoff home 
run to Pau] Molitor in the first 


i nnin g, then pitched hitless bail the 
rest the way m Milwaukee. 

Royals 18, Tigers 4: Brian 
McRae and Mike Macfarlane each 
hit two of Kansas City's club-re- 
cord six home runs in Detroit. 

Red Sox 5, Twins 3: In Minne- 
apolis, Joe Hesketh won as a starter 
for the first time since 1986, when 
he beat Pittsburgh for Montreal. 


> Die European Golf Mastery: An Urgent Riddle lor Americans in the British Open 


- .By Leonard Shapiro 

, Washington Post Service 

Ben Crenshaw, a connoisseur, ofjtolfs rich 
histcryand tradition, not to mesfionCbazigjgaO; 
of ihe'gamc’s briffiant sbotmakers, is among 
■three dozen American golfers on their way to 
the British Open at Royal Birkdaie in Southport, 
England, this'week in what is becoming a con- 
tinuing crosade to stem the tide of European 
success ai the highest level of professional golf. 

Crenshaw, also is a realist He thinks he 
knows why Europeans have won five of the last 
seven British Opens, why they’ve won six of tbe 
last nine Masters, why they haven’t lost in the 
last three Ryder Cup matches. 

“Actually it’s a number of things,” Cren- 
shaw, the 1984 . Masters champion, said last 
week “First of afl. they have some outstanding 
individual players. They are extremely motrvat- 

havtfaii the shots you need Urwin under ^ kny 
conditions. The courses they play on the Euro- 
pean tour are rustic, natural and onkempL And 
they’re confronted with more natural elements 


— rain and wind especially — that makes them 
better players. 

“And agronomy has a lot to do whh it. It’s 
gotten so good in- tins country, and this -may 
sound wild but it’s afirosa gotten too good. On 
tour, we almost never get a bad lie. Our courses 
are soft, we hit it and it stops, so we make the 
same land of shots all the time. Everything is so 
predictable, and some of oar players today are 
not enamored with less than perfect conditions. 
They play bump and run over there; we never 
see it” 

Sain the latest world rankings, based largely 
on the most recent results from events all over 
the world, fan Woosnam of Wales is Na 1, 
Josh-Maria Olaz&bal of Spain is No. 2, Nick 
Faldo of England No. 3 and Greg Norman of 
Australia No. 4. Payne Stewart winner of the 
U.S. Open last month who was second in tbe 
British Open a year aga is the first American, 
at Na 5, and of the top 10 there are five 
Europeans, one Australian and one South Afri- 
can. The other top 10 Americans are No. 7 Paul 
Azinger and Fred Couples at Na 8. Azinger and 


fellow Americans Scott Hocfa and Larry Nelson 
withdrew from the British Open last week 

At Royal Birkdaie, a links course near the 
Irish Sea whh deep rough and narrow fairways, 
"Woosnam is the pick ofthe-Englisk bookmak-. 
ers. who make him 5-1. Faldo 6-1, sixth-ranked 
Seve Ballesteros and compatriot Olazibal both 
8-1 and Stewart, Couples and Norman 8-1. 

Still, Crenshaw (40-1) adds an asterisk to bis 
praise of the non- Americans. “They’re very 
strong at the top," he said, “bm I really bdieve if 
you look at the European tour compared lo the 
(U.S.) PGA Tour, we have much more depth." 

Nevertheless, the success of Europe’s big six 
— Masters champion Woosnam, defending 
British Open champion Faldo, Ballesteros, Ola.- 
zabal, Britain’s Sandy Lyle and Germany’s 
Bernhard Langer — since tbe mid-1980s has 
many in the Uix establishment wondering if 
the current continental balance of power in the 
game is just a fluke, ora trend that will continue 
into the 21st century. 

Some say it's a little of both. 

“Look, when we had guys like Hogan, Snead, 
Nelson or Demaret, we dominated golf," said 


Johnny Miller, tbe NBC-TV analyst who won 
tbe British Open at Royal Birkdaie in 1976. 
“Now the Europeans are doing the same thing. 
Wooae, Faldo, Seve, those guys are just unbe- 
-bcvabJy great players, and that’s been the heart 
of their Ryder Cup team. When they go down- 
hill, who replaces them?" 

The European tour is played on a variety of 
courses, under aD manner of weather condi- 
tions. The fact that Europeans no longer play 
the smaller British ball, which went out of 
existence in the early 1980s, has improved their 
games and made them more competitive on 
North American courses. 

“The snail ball was a good wind ball — it 
was tike hitting a ball bearing," said Dave 
Stockton, who mil captain the U.S. Ryder Cup 
team in September on Kiawab Island, Smith 
Carolina. “They would take that ball out in the 
wind over there or in Japan and do very well 
with it. When they switched to the bigger ball, 
they had an easier time maneuvering it and 
putting iL” 

The European tour has become American- 
ized in other ways. They are playing for signifi- 


cant purses, using the best U.S.- and Japanese- 
made equipment and showing up more 
frequently on European television. As a result, 
there has been a golf boom all over western 
Europe, meaning more courses are available to 
more people, yielding a larger talent pooL 

“I would say the competition level of 'their 
tour is where the PGA was 15 yeare ago," said 
Tim Finchem, deputy commissioner and chief 
operating officer of the PGA Tour. 

Still, no one disputes that the top Europeans 
can compete with the top Americans at any 
venue, though they have not had nearly as 
much success in the U.S. Open or PGA Cham- 
pionship, where the courses have long, thick 
rough, wick, greens and obscure pin placements. 

“But I do think they have adapted belter to 
our way of playing than we have to theirs,” said 
Ken Venturi, the 1964 U.S. Open champion 
and now a CBS-TV analyst “We build ‘up’ 
courses, they build ‘down’ courses. They*H nil 
the btzmp and run; they don’t hit it high up in 
the air because of aD the wind. 

“I also think their guys might be a little 
hungrier.” 


Crenshaw talked about another difference 
between the European and American tours. 

“I was talking to Mike Smith, a guy on our 
tour who played over there," Crenshaw said 
“His theory is" that guys in Europe have nothing 
to do but play golf and sleep. It stays tight over 
there forever, so when they’re finished, they 
play some more.” 

■ 2 Walk Out on Qualifying 

Former Ryder Cup player Paul Way and PGA 
Tour regular John Huston walked out of British 
Open qualifying in wind and rain Monday. 
Agmce France-Presse reported from London. 

Way walked into the scorer's tent at Hesketh 
and slapped his incomplete card, on the table, 
saying: Tts taking far too long, please tell the 
R and A." He was referring to the Royal and 
Ancient, which runs tbe tournament. 

Huston played seven boles in 34 strokes at 
Hillride. His partner, David Ueweflyn of Wales, 
quoted Huston as saying he was “freezing cold, 
underpaid Fed up and desperate to go home." 

Said Ueweflyn: “Some Americans obviously 
find it very difficult in this sort of weather.” 


f Seles Expected 
To Play Fed Cup 

The Associated Press 

NOTTINGHAM, England — 
Federation. Cup officials said Mon- 
day they still expect Monica Sdes to 
represent Yugoslavia in the 56-na- 
tion event that starts later this week. 

Sdes. ranked No. 1 in the world 
has not played since the French 
Open. Monday, her brother con- 
firmed she wiD play Thursday in a 
tournament in New Jersey. 

“We’ve had no word from the 
&■-!«$ camp since- Wimbledon,” said 
( fan Barnes (rf the International Ten- 

nis Federation. “She is still among 
. the nominations for Yugoslavia.” 

The Federation Cup is tirewom- 
en’s equivalent of the Davis Cup. 
Sdes had indicated her imceatamiy 
about playing it this spring. 

“IT she doesn’t appear, she will 
have to produce a medical docu- 
ment,” Barnes said 


- * 3 *? 
!■’ <5 * 


5 s -: 


SCOREBOARD 


BASEBALL 


Major League Standings 

AMERICAN LEA CUE 
East Ufortiloo 


Cine innail 

44 48 

524 

5 

Allan la 

43 40 

.518 

5V, 

Son Otago 

41 44 

Mt 

Wi 

San Francisco 

37 48 

A3S 

13Vl 

Houston 

35 50 

AS3 

MVb 


Sunday’s Line Scores 



W L 

Pd. 

SB 

AMERICAN LEAGUE 

Toronto 

52 35 

J9B 

— 

Kansas aty 232 403 050-10 21 1 

Boston 

43 41 

-513 

TVs 

Detroit . IM 012 MO— 4 7 0 

Detroit 

43 43 

506 

0 

Gatdoa Aquino (7) and Macfarlane; Gut- 

Mew York 

41 41 

SOO 

«Mi 

Uckson, Mtxtoz (3),Gakefcr (4) and Tetttefon, 

Milwaukee 

38 44 

-452 

T2 V, 

Sotos {5L W— Gordon, 5-7. L— GuMckxoa n-5. 

Baltimore 

35 40 

ATI 

15to 

Sv — Aquino (2). HRo— Kansas City, McRae 2 

Cleveland 

27 54 

505 

23 

(4). Brett (4), Mocfortane 2 (13), Benzlnger 


VtaStDMsiM 



ni.DelraH. Trammell (7). Mosebv 111, Fry- 

Minnesota 

X V 

-575 

— 

man 110 ). 

Texas 

45 34 

SS6 

2 

Bataoa 201 011 000-5 11 0 

Chicago 

45 30 

SS6 

3to 

Mlenesofa 0M to# in— 3 0 • 

Oakland 

-46 40 

S35 

3M 

Hesketh, Gray (8), Reardon (9) and Pena; 

CaDtornla 

45 40 

339 

4 

West P. Abbott UJ.wiUts 16). Leach (Bl and 

Seattle 

43 O 

SOB 

*4 

Harper, w— Hesketh.- 3-1. L— West, 1-1. Sv— 

Kansas CKv 

38 44 

ASS 

lOto 

Reardoa (22). HR — Minnesota, Bush (3). 

l 

i 

r 

Bl 


Chicago OSS 3M 130—15 15 1 


Bata Division 



Milwaukee TM M0 *00— T 1 0 


W L 

pet. 

. GB 

McOoweU end Karkovtee; Knudeon. Austin 

Pittsburgh 

53 31 

377 

— 

(41, Machado (4), Crim (7). Ptesac (9) and 

New York 

49 35 

SO 

3ta 

SurbofLW — MCDovrolL 11-4. L— Koudsan, V3. 

St. Louis 

44 41 

JIB 

'f 

HRs— Oilogga, venture (8), rtewson (1 ). Mil- 

Chicago 

41 45 

MI 

12V. 

waukee. MolKor (10). 

Montreal 

39 47 

ASS 

VYi 

Bammore 010 BM ON W-4 4 I 

PMtodelphio 

3S 51 

JOt 

Ws 

Oaktaed Ht IN IN 0-1 Tl 0 


WKtDhrtaian 



Ol tentogs) 

Lps Angeles 

49 35 

SO 

— 

R. Smith. Ftonagon (»). Otaon Ml ) ana Mel- 


uln. Holla l« ; Moore. Neban (71. Honeycutt 
(II. Eiiasln (91. C. Yoone <111< Bums (111 
end SteJnbaciL W—Burn* L— Otaon. 1-4. 

MM Yer* 1M Mt Fit— If# 
Contort*! m m «*— « M • 

Taylor. Plunk (41. Q a e W e rt nan (41. Leary 
(II and Mokes; Finley. Eldihom (fl and Tine- 
tov.W— Finley. 1H L— ToyVjt.4-4. h R— Mew 
York. & Williams (1). 

Oevetofld m m m- 3 13 

Seattle 1B1 04 Mx— M to ■ 

York, Otto (4). Shaw (7), Hillesai (4) ml 
Skinner; DeLuela. Sworn (!) and Bradley. W— 
DeUxJa. *•& L — York, 0-1 HRs — Cleveland, 
Whiten (5). Seams. E. Martinez <71,Cetto IS). 
Texas sis as iss-4 it i 

Taranto ITS m S3S-4 7 1 

- Boriwa Games (l). Rouen (II, Je.Ru*. 
seu (I) and Radrtooez; Key, Acker (5), Timlin 
17) and Banters. W— Barfle W,«- L— Kev, 10- 
1 Sw— je. Russell (111. HRs— Texas, Ganzatoz 
(13). Taranto, Curler 2 (21), Gruber (I). 

NATIONAL LEAGUE 
(First Game) 

ue Anaotes m «• »•-* 7 I 

Meatraa t sa lie sa-i 4 • 

R. Martinez, Crews (7) and Carter; Boyd, 
Fossero 17). B. Jones if)andReyee.W— floyd. 
54. L — R. Martinez, 1M. Sv— B. Jones (6). 
(Second Game) 

Los Aouitas ill IN Us— 4 IS 1 

Montreal IN Bl *»-7 11 I 

Belcher, Cook (4), Gall (7) and Hernandez, 
Carter (71 1 Baena. Frey (7), B- Jones (U and 


ESCORTS A GUIDES 


INTERNATIONAL CLASSIFIED 


ESCORTS & 



(Continued From Back Page) 

ESCORTS & GUIDES I ESCORTS & GUIDES [ ESCORTS & GUIDES 


M&UONARES CLUB 

NTE0MJ1ONAL 

ESCORT AGENCY 

LONDON 071 589 8435 
LOS ANGBBZ13 969 4895 

AI OvU CorB Welcome 


ARABESQUE 

ESCORT 58MCE 
Lodes of aVKaUt Mi 
n-cre toodon-CITl 634 7099. 


HJUCH SUSAN 

ESCORT SBWOETsfc 01/312 05 >0 


DUNES* LOfOON 

E5COKT SStVKE-071 491 6645 


Fitzgerald, w— Barnes. 1-3. L— Belcher, 7-4. 
Su— &Jones (71. 

St Louis IN m OSS— 1 4 1 

Atlanta MS MS S*»— 1 4 1 

Tewksbury, TSny ($) and Pagnazzl; Gio- 
v(ne and Otaon. W— Glavlne. 13-4 L— Tewks- 
bury. 4-4 MR— si. Louis, G. Pena (2). 
Houston IN m MS-3 13 1 

eMcope M3 SM Ms— 4 S • 

Kile, Henry (4). coral (4). Osuno (S) and 
Btooio; BEelecfcLMcElrov (41.Oa.SmWi »). 
Aswamocfw (») and Wilkins, w— BleiecfcL 
UHLL-~Klte.30.S v Ata f nm ocher (5). HR— 
Houston, Finley (4). 

San Mega Ml Mi ess— 3 s i 

ttaw York Me im sm— ■ i i * 

G. Harris, Utterts W and Santiago, BHor- 
detlo (5) ; Damn* Schourek (•>. Iiaita (9) and 
O’Brien. Cerane (*). W— G. Harris. 3-1. b- 
DarRra. 5-4 Su— Letter* 05). HR— San Die* 
oa, McGrHf (17). 

Me FrmdKo in 1st its — 17 sa t 
PkBadetgUa 3N NO Ml— 5 4 1 

Reml Inner. Dawns (3)> Beck (■), Brcnttev 

(*) and Deckerr Cox. GanroneM. Mauser !« 

and Lake, w— Dawns, S-4 L— Cm. >3 HRs— 
5on Francisco, W.Cksrk (17). Mitchell (15), 
Ma.WlHoms 3 (14). 

Pittsb u rgh en mi eu— ?• 12 e 
C inci n nati Ml Mt M3- 4 11 0 

walk. Heaton (7). BcUndn (9). Patterson (9) 
and LaVWDera; KL Grass. Mvers (4), Power 
(I). Carman (9), Layana (V) and Sutfca Oliver 
tW. W Wulk ,7-LL— KLGross.2-1. Pat tu- 
san (3). HRs— Pittsburgh, Bonilla (V). Bonds 
(14). Ondiman. Doran (4), C Martinez (1). 




Federation Cup 

Results at Monday's draw in Nottingham, 
England, tor the Federation Cup women's 
tournament July 2>20(seedlng 8 lnpare n H»e- 
ms): 

Spain (l) vs. Belgium. Australia vs. Japan, 
Yugoslavia vs. Indonesia. Qualifier vs. 
France (4), Germany (3) vs. qualifier, Cana- 
da vs. qualifier. New Zealand vs. Brtlohv 
QuaBfter v*. Italy 101 , Switzerland (7) vs. Ar- 


gentina Brazil vs. qualifier, Soviet union vs. 
quollHer. Sweden vs. CzMhoslmrnkto (4), Aus- 
tria (5} vs. qualifier. Finland vs. qualifier, 
Hungary vs. Bulgaria Motherlands vi. United 
States 12). 

. Draw for the qaaUfvIng to e rnwm s n t Juty 
10-31: 

Greece m vs. Ireland. Malta vs. TctaWod 
and Tobooo. Dominican Republic vs. Taiwan. 
Bahamas vs. Portugal (4). Denmark (3) vs. 
Sri Lanka. Mexico vs. Matovsla CMie vs. Phil- 
ippines. Jomaico vs. Paraguay (7), Poland (5) 
vs. Kenya. Turkey vs. Uruguay, India vs. 
Cuba Thailand vs. Romania (4), Chino (8) vs. 
Norway. Bolivia vs. Luxembourg. Venezuela 
vs. Hong Kona Korea vs. Israel (2) 


SOCCER 


America Cup 

GROUP A STANDINGS 

W L GF GA Ptl 
Argentina e 0 u 3 s 

Chile 3 t to 3 4 

Paraguay 2 3 7 B 4 

Peru 1 3 9 9 2 

Venezuela 0 4 I 15 0 

Sunday's Results 
Argentina X Peru 2 
Chile 4, Paraguay 0 

Qtymplc Qualifying 

12 Teams Quality) 

North and Central Americas and Carrfbean 
Reatoa, Third Ro u nd 

Oroag A | 

Honduras. Mexico and Surinam. Competition 
begins Seat. 5 

G raw B 

W L T PtS GF GA 

El Salvodor 2 0 0 4 5 1 

Canada 2 1 0 4 7 4 

Trinidad 0 3 0 0 1 8 

Droop C 

W L T PK GF GA 

United Slates 10 13 9 1 

Panama 0 0 1 I 1 1 

Haiti 0 1 0 0 0 0 


BASEBALL 
American League 

CLEVELAND— Eric Kins. Pitcher, will be- 
g(n2Gday rehaM Htatlan at Colorado Springs. 
Podnc Coast League. 

TORONTO — Acquired Cory Snyder, out- 
fielder, from Chicago for Shown Jeter, out- 
Itekter, and Mover to be named taler. Seal 
Derek Bell, outflekter. to Syracuse, interna- 
tional League. 

Nodosal League 

ATLAN TA e x ten d e d contract at Bobby 
Cox, manager, lor two years through (he 1993 
season. 

FOOTBALL 

NatloMl Footbafl League 

DENVER— signed Kemv Wp&er. defen- 
sive end; CurHs Mayfield cmd Derek Russell, 
wide receivers; Shown Moore, auartcrtxxA; 
Sieve 5ewell. Greg Lewisantf Melvin Bratton, 
running bocks; Michael Brooks, Keith Taylor 


and Tim Lucas. Ilnebockers; Wyman Hender- 
son. Gomerteck. 

GREEN BAY— Signed Joe Garten offen- 
sive lineman. Agreed loiermswtth Erik AH- 
halter, wide receiver; Vince Workman, run- 
ning bade; Rapier Porter, tight end; Don 
Bracken, punter; Llnzv Collins, wide receiv- 
er. 

NEW YORK JETS— Stoned John Galvin, 
linebacker, and Doug Parrish, safety-comer- 
bock. Traded Kip Beach, tackle, to New En- 
gland lor Mure considerations. Waived John 
Level loand Jim ScuMv.llmbackorto and Matt 
Swtnson. tight end. 

PHILADELPHIA— Stoned Andy Harmon, 
defensive end; Chuck Went hersnoon, running 
bade and Jason Jessup, offensive locUe. 
waived James McKean and Ron Mofen, line- 
backers. Agreed to terms with Mike Gallo 
defensive tackle; Rob Setov. offensive line- 
man; and James Joseph, running back. 

PHOENIX— Stoned Nathan La Duke, safe- 
ty; Jeff Bridewell, Quarterback; Jerry Ev- 
ans. tight end. 






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Page 18 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, JULY 16, 1991 


ART BUCHWALD 

L.A. Lawlessness 


Fame and Privacy: The Sexton Tapes 


PEOPLE 


WASHINGTON — The com- 
mission report from Los Ail- 


stand why people would rather 
watch bad coos filmed by amateurs 


getes concerning its police depart- 
ment indicates that the 
organization was rife with brutality 


and lawlessness. It spelled out the 
LA PD excesses in shocking detail 
and suggested the departure of 
Daryl F. Gates who, up until re- 
cently. was the city's pillar of law 
and order. 

What happened is anybody's 
guess. Mine is that the blame for 
most of the 


problem lies 
with the movie 
and television 
industries. They 
were producing 
so many feature 
films and TV 
dramas using 
Los Angeles Po- 
lice Department 

personnel, that 

no one was pay- 



/St 

Buchwaid 


ing any attention to what the regu- 
lar police were doing out in the 
streets. 

Whenever the movie studios 
needed police for a film, the most 
convenient organization to sign up 
was the LA PD. It was also the 
cheapest because the studios didn’t 
have to go out of town on location 
for SWAT teams. 

It reached the point that Lhe 
more police shows Hollywood 
made, lhe more the LAPD was tied 
up. Gates had a larger number of 
men at Warner Brothers than he 
did at Watts. The police chief coop- 
erated with the studios because he 
wanted his department to have a 
good image around the world. He 
succeeded in his mission until rank 
amateurs started taking home vid- 
eos of his men without his permis- 
sion. 

□ 

When (he home videos got much 
higher ratings than the fictional 
shows made at the studios. Gales 
was devastated. He couldn't under- 


watch bad cops filmed by amateurs 
than good cops who were directed 
by top professionals. He even 
thought about having video cam- 
eras banned in Los Angeles, or at 
least haring the home videos rated 
X if they made his cops look bad. 

The LA police, as portrayed by 
Disney Productions, was Gates's 
idea. You never saw cops use racial 
epithets or handcuff someone and 
then beat him up. 

This was not only because Gates 
wouldn't permit it —neither would 
a sponsor. 

There's no doubt that if mem- 
bers of the LAPD behaved as well 
on the streets as they did on the 
screen, the commission would have 
given the department a “10" for 
police performance. If Gales made 
a mistake, and no one said that he 
did, he assigned all his best be- 
haved men to the movies — and all 
the dunderheads to go out and fight 
crime. The good guys never got to 
fight the bad guys, because they 
were loo busy driving police cars 
for Paramount Pictures. 

There is a belief that because the 
good police were given all the cushy 
jobs at Universal Studios, the dun- 
derheads became jealous and took 
it out on the suspects they arrested. 
Those in the know were not sur- 
prised when the dunderheads got 
mad and beat up people Tor no 
good reason. 

□ 


Some of his supporters say that 


Gales is getting a bad rap. When 
vou receive a call from Columbia 


you receive a call from Columbia 
Pictures for 100 motorcycle police- 
men, no self -respecting police chief 
is just going to sit on ms hands and 
do nothing. 

The only reason that the police 
chief should be censured is if he 
knew what was going oil Common 
sense indicates that he did noL 


Gates was so tied up supplying po- 
lice chases for Clint Eastwood 


91 Million Golf Rag 

Reuters 

LONDON — A set of 23 golf 
dubs, each used by a British Open 
champion, were sold at auction 
Monday for a record £627.000 
(about SI million). Sotheby's said 
the woods and irons belonging to 
winners between 1860 and 1930 
went to an unidentified British 
company. 


lice chases for Clint Eastwood 
there was no way for him to know 
that his men were using their base- 
ball bats to exceed their authority. 

The big question is. can Holly- 
wood survive the latest LAPD flap? 
People believe it can. For every bad 
cop in the barrel, there is an Angie 
Dickinson doing her job anony- 
mously and selllessly. 

She is known around City Hall 
as a “good cop." 

Gates and the Los Angeles Po- 
lice Department wish they had a lot 
more like her. 


By Alessaudra Stanley 

New York Times Service 

N EW YORK — When the poet Anne 
Sexton began writing in the lale 
1930s, those intensely autobiographical 
poems about her mental breakdowns, erot- 
ic fantasies and preoccupation with death 
brought her overnight acclaim, and some 
cridasm, as a “confessional poet." 

As Sexton said, rather proudly, at the 
peak of her popularity in 1969, “I hold 
back nothing." 

Neither did her psychiatrist “Anne Sex- 
ton," to be published by Houghton Mifflin 
in September, is the first serious examina- 
tion of Sexton’s life and work since her 
suicide in 1974 at age 45. It is also the first 
known time a biography of a major Ameri- 
can figure relies on material taken from Lhe 
subject's private therapy sessions with a 
psychiatrist. 

The author of “Anne Sexton" Diane 
Wood Middlebrook, was given medical re- 
cords, unpublished early poems and more 
than 300 audiotapes of sessions the poet 
had with Dr. Martin T. Ome. a psychiatrist 
who treated her from 19S6 to 1964 and who 
first encouraged her to write poetry. 

His action has caused far more conster- 
nation in literary and more particularly 
psychiatric circles than any other revela- 
tion in the book, which chronicles in some- 
times harrowing detail Sexton’s madness, 
alcoholism and sexual abuse of her daugh- 
ter, along with hex many extramarital af- 
fairs, including one with a woman and 
another with the second of her many thera- 
pists. 

Dr. Willard Gaylin, a Columbia Univer- 
sity psychiatry professor and an expen on 
medical ethics, said. “Doctors have no ob- 
ligation to history and certainly should not 
act as a research assistant to a biographer." 
He described Orae's action as a betrayal of 
his patient “and his profession." 

Though Sexton left no instructions 
about what should be done with the tape 
recordings of her therapy sessions, Ome 
and Sexton's children ana friends have said 
that she would have agreed to their release. 
“I have no question that she would have 
jumped at the opportunity to share what 
we did," Ome said in a recent interview. 

Yet even though Ome acted with the 
permission of Salon's literary executor, 
her daughter Linda Gray Sexton, his deci- 
sion has shocked many of his colleagues, 
who say they view it as a breach of medical 



sion. For current patients to know that 
somebody could even lode at such private, 
confidential information could be devas- 
tating. Of course all biographers want to 
know everything, but it is still morally 
extremely complicated.” 

There have been other psychiatrists who 
have discussed their patients with biogra- 
phers. A few of the psychiatrists who treat- 
ed the artist Jackson Pollock, for example, 
crvtkp auite onenlv to the biographers Ste- 


Tbr AMUMcd Pro. 

Poet Anne Sexton: Should a biographer use tapes of her treatment? 


spoke quite openly to the biographers Ste- 
ven Naif eh and Gregory White SmiLh. 

Orne said he felt his insights about Sex- 
ton's therapy would inspire and hdp other 
troubled people. “Her life shows what can 
be done," he said of the uses of therapy. 
“How a gifted person who was nowhere 
could, with some help, become an out- 
standing poet" 

When Sexton first came to see Orne. she 
was a deeply depressed suburban Boston 
housewife with suicidal tendencies. He per- 
suaded her to write down her feelings as a 
way of helping other mentally disturbed 
people. Years later, Sexton described help- 
ing others as “my little reason to go on.” 

Because Sexton suffered severe memory 
lapses, Orne took the unorthodox step of 
recording their sessions from 1961 to 1964 
so Sexton could listen to them afterward to 
try to recall what she had revealed in tbera- 


tbe book “Love, Janis," which Lau- 
ra Joplin has just completed. The 
book is based on 50 interviews of 
people dose to Janis Joplin, aug- 
mented by 25 letters from the sing- 
er to her family from 1966 to her 
death in 1970. 

□ 


ethics. “A patient's right to confidentiality 
survives death," said Dr. Jeremy A. Laza- 
rus, the chairman of the ethics committee 
of the American Psychiatric Association. 


“Our view is that only the patient can give 
that release. What the family wants does 
not matter a whiL" 

Linda Gray Sexton, who said she selected 


Middlebrook to write the book about her 
mother, did so for some of the same reasons 
that the children of John Cheever unveiled 
the secrets of their father’s private life. 

“Our inclination is to let everything 
out," said John Checker's son. Ben. who 
has prepared his father’s journals for publi- 
cation in the fall. “But we want to be in 
control of it." 

Linda Sexton said. “I retained the right to 
discuss and veto material if I fell I couldn't 
bear iL" Though she said she found much of 
it “extremely painful” she said she conclud- 
ed that full disclosure was necessary. “I 
sometimes wonder if Mother is angry with 
me. She might have preferred to be seen as a 
tragic victim. My feding was: ‘Look, Mom, 
you wrote about this stuff. You lived it in 
public. How could I cover it up? " 

Middlebrook. a professor of English at 
Stanford University, said she spent 10 
years researching Sexton's life and work. 
After listening to the tapes, a task that took 
two years, she rewrote the manuscript, she 
said. “I never thought they still existed," 
Middlebrook said. “I was quite amazed 
when he offered to do this." 

The tapes, which Ome volunteered dur- 
ing an interview, did not provide her with 
vital new information, she said. Instead. 
Middlebrook said, she found “more con- 
firming evidence than revelation.” Sexton's 
incestuous behavior toward her daughter, 
which is among the more disturbing details 


in the book, was revealed by Linda Sexton. 

Mi ddJ ebook said she had no qualms 
about >«jpg the tapes. “I don’t think. Anne 
Sexton cared what was known about her 
private life. She just didn't want to be 
known as a bad ariisL" 

Few of Sexton’s dose friends faulted 
Orne or Middlebrook. The poet Maxine 
Kumin said she found the biography “very 
balanced and judicious.” She described 
Ome’s decision as “gutsy." and dismissed 
the objections of Ome’s colleagues as “pi- 
etistic." “Those same doctors would never 


She turned into a successful poet almost 
immediately after beginning to write, be- 
coming one of the most prominent and 
flamboyant members of a close-knit liter- 
ary community in Boston that included 
Roben Lowell, Sylvia Plath, W. D. Snod- 
grass and Maxine Kumin. 

Sexton's poetry won a Pulitzer Prize in 
1967; tun: lean good looks, theatrical de- 
spair and insatiable thirst for attention 
made her a cult figure. “Mother was like 


have taken on a patient as demanding as 
Anne," she said scornfully. “They just 


wallpaper," her younger daughter, Joyce 
Ladd Sexton, said ruefully. “She plastered 
herself all over the wails." 

Sexton never fully recovered from her 
mental illness, Middlebrook's book states. 
Ome, who moved to Philadelphia from 
Boston in 1964, said, “When I left, sire was 
in quite good shape.” 

Orne said he believed that the therapy 
Sexton received thereafter did her far more 


Anne," she said scornfully. “They just 
want nice, mannerly depressives.” 

J. D. McClatchy. a poet and critic who 
edited “Anne Sexton, (he Artist and Her 
Critics," said of Ome, “There is something 
a little sleazy about the way he has put 
himself forward as her Pygmalion." But 
McClatchy said he did not blame the biog- 
rapher for using the material. “Imagine if 
we suddenly found tapes of the psychiatric 
sessions of Virgina Woolf," he said. “Who 
would not want to listen?" 

Yet other biographers uneasily spoke of 
the conflict between a writer's need to 
gather all information about a subject and 
a doctor’s duty to safeguard a patient’s 
privacy. Jean Strouse, a writer who was 
denied access to William James's psychiat- 
ric records for her biography of his sister, 
Alice James, said: “1 do respect that deci- 


Marh Maples says she doesn’t 
want a prenuptial agreement when 
she marries Donald Tramp. - She 
ruled out the prenuptial pact in an 
interview with People magazine by 
emphatically saying, “This. rela- 
tionship is going to be built on trim 
— and that’s iL” 

a 


harm than good. Orne said he was particu- 
larly bitter about the actions of Sexton’s 


larly bitter about the actions of Sexton's 
second psychiatrist, who he said had an 
affair with Sexton, a liaison that is exam- 
ined in some detail in the biography. The 
book does not identify him by name. 

Ome said when he learned of the affair, 
be intervened and instructed Sexton and 
the therapist to stop. He did not, however, 
denounce the therapist to the medical eth- 
ics board, he said. “I didn't want to min the 
career," Ome said. “Today, 1 might have 
done it differently." 


SopUa Loren was made a knight 
of the Legion of Honor in the Bat 
announced on Bastille Day. the na- 
tional holiday. Among the other 
recipients of the various grades of 
the Legion were Claude Leri- 
Stranss, the anthropologist, who 
was awarded the highest grade, 
grand cross: Alain Decaux, the his- 
torian, and G£rard Omy, the film 
director, who were made com- 
manders; Eric Rouleau, author, 
journalist and diplomat, who be- 
came a knight, and Vbdo Perie- 
nnter, the pianist, named a grand 
officer. 


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RuNmonn period draeqho r. croptdaWe 
■raw o" Seme'&'W lower. I 


i MUNGUAL ENGUSH A nmn ad 
' roniyratore & ccmmrod assiitont 
r 'eguried Belt HeSnets furooe Pm-i. 

wld leodr m HdmeB San 5r» 1 
1 91 tefoj i wo>d p-oeew-na •'J 1 C^K r . 
! Contort -n Pa-r, V 33.1 rri op.90 


RECRUITING ASSISTANTS 

Will prong penoookTy 
For lap leer utong Servwe Agency 
Speealaed hi U*«pni and itHtAnaMl 
togh cdtae penenaL Mb be Epfksh 
mother tame. Rued French and 
seeretond experience necesnry. 
Good preMMOBon. Abie to negaMite 
Mih cesfomeri and upenase 


Cal Natalia (1) 


WvOfRS 

) 47 58 8: 


FEMALE EXECUTIVE SECRETARY. 
Swra X. graduated svoenenud. 
arefited fleabto. French. Engfah. 
ixxxsh PC extenvve knowledge to 


tf, humour, setb temporary 
aurgnmenfiabcad Td|4l 22)429483 


GfMNTBUM 

or wnle m U confidence to. 

Mi. 9 Grochowski. Prtwdem, 

12 'ue de to P>». 75002 Pan 
PaMkora rnusi be hied before end of 
Jute Very "iseiohnq potomni and e* 
eeHen* (toy la *ojc who pram eHtoenf 


Td: (21) 28-30-21. 

Fox; (21) 283091 
Lidtetl; 

Tdj (1)24772 93. 

Txj 6688S INTBtO P. 

Fx j 2477352. 

Lenders* TeL. (071) 836-4802, 
Txj 262009. 

Fx. 2402254. 

MadrM 

To).- 564 $1 12. 

Tx. 4774/ SUVA E. 

Foe: 564 53 89 
MRani Tel.. S46-2573 
Tx.; (43) 334494 (INIADV1). 
SteddWrw 
TeL.- (08)7172205. 

Fax.- (OB) /174611. 

Td Avhr: Td. 3655 559. 

Tx.: 051 000/265871 
MONREF G, otte AUR365. 
faxi 35468168 
Vlentro, Contact FrcmMuti 


Td . 236 9747 . 256 6096. 
Tx.: 42072 MIVA CO 
Beenoe Aire*: TeL 372 57 1/ 
Tx- Cdwa pubhea 33-9900 
C a ri hbeatsi bated xt Ftanda 
Tel- (407) 869 8338. 

Fx.. (407)809-0683. 

Coda Rica: Td : (506| 240642 
Tx-- 1050 RAC5A. 

Fu (506)254852. 

GuayaqijR; 

Td.. 328181/325348. 

Tv : 3196. Fx. 321266. 

La Pax (Batina) 

TeL (00591 5 359842^58130 
Fx (00591-2)353291 
Tx 3252 (TESTBBV) 

Unite TeL 417 852. 

T. ■ 20469 GYDSA. 

Fx 4164/2 

Mexico: Tef • 535 31 64 
F«. 7013134 
P a nama. Td 69 0? 7$, 

F. 690580 


Td.. 413 7376 -413 2399. 
Tx.: 11^5171. 

Fax. 204 49 71 
Jakarta 
Tel , 586 077. 

Fit 730 2609 Tx 62944 
Karachi: Tel. 536 901. 

Fx- 526 207. Tx.: 24801. 
Kathmandu: 

Td.. 221-576 

Tx: 2606. Fx. ; 227 336. 

Malaysia: 

Td : 717-0774/717-5370 
Manila: 

Td.- 017 07 49. 

Tx.. 66112.Fi: 816 23 05. 
Seed: Td: 734 1237. . 
T>.- 28504 UNIPU8. 
fx.: 7390064 

Singapore: 

Td.. (65) 273A4.78'9. 

T«.- 28749 Fx ; 2341566 
Taiwan: 

Td 752 4J ?5-'9. 

Tx.. 11B87. Fx. 7014308. 
Tokyo: 

Td.. 03 3201 021 D. 

T«. J33673 
Feu- 03 32010209. 
AUSTRALIA 
MMdta Ptoffc: 

Tel: (03)6960288. 

F» (03)696 69 51. 
NCWZEALAhg) 
Auckland: Tel- 775 130. 
T«- 2553 CPO AK NZ 
F». 3034740 






nil-* 1 "" if.- - S* 


Janis JopUn 9 s Career 
May Reach Broadway 

It looks as if Jams Joptin’s lire 
stoiy will be coming to Broadway, 
possibly in the 1992-93 season. Sea 
Lion Films has signed a joint ven- 
ture agreement with the late rock 
star’s sister, Laura JopGn, sod 
A min La Productions of Denver, 
which is the exclusive licensee of 
the Joplin estate. It provides Sea 
Lion with the show, movie, radio, 


wan. if.*-- 

i/iv'Ik;. w* ■■ 

ju> 1 1 


.ffc:. 1 -’ 

•fs' 


CD and cassette album rights to 
the book “Love, Janis," which Lan- 


^juidls 

V a njM.- Horimw 

1 B v ‘ . ■ s-*wtr 


-1^ . tfaSw- 


_ .-■ ys.z Sitntxj 

' .. - j 


mat 

.fp “ •' " 


About 300 onlookers gathered 
outside the Cathedral Basilica of 
Sts. Peter and Paul in Philadelphia 
as Matthew Kennedy, the ninth 
child of Ethel and the lale Robert 
Kennedy, married Victoria Ante 
Strauss of Haverford, Pennsylva- 
nia, the daughter of a former Phila- 
delphia television reporter, Bonnie 
Stnuxss, and Ben Strauss, the chair- 
man of the Pep Boys auto parts 
chain. On hand were the groom’s 
mother, Senator Edward M. Ken- 
nedy, Representative Joseph P. 
Kennedy. Caroline Kennedy 
ScbJossberg and her husband, Ed- 
win. Eunice and Sargeant Shmer 
and WIBiani Kennedy Snath, who 
faces rape charges in Florida, lhe.' 
newlyweds, both 27, are law stu- 
dents at the University of Virginia 
□ ' .1, 


fit'** 




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:.u: if them. 

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sail llarrangiag the 


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Full text of "International Herald Tribune , 1991, France, English"

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